Home / Disasters and Accidents / HK Offers $512M to Resettle Fire-Ravaged Homes
HK Offers $512M to Resettle Fire-Ravaged Homes
21 Feb
Summary
- Hong Kong proposes HK$4 billion to buy out owners of fire-damaged homes.
- Nearly 2,000 households affected by the massive fire will be resettled.
- Government offers apartment exchange programs for affected tenants.
Hong Kong is proposing to allocate around HK$4 billion to purchase properties in a high-rise housing complex severely damaged by a fire. This move is intended to resettle nearly 2,000 households affected by the incident. The government has offered prices of HK$8,000 per square foot without a land premium and HK$10,500 per square foot for those receiving one.
Authorities are also facilitating an apartment exchange program for the approximately 4,600 tenants. The Housing Bureau has made 3,900 housing units available across ten subsidized projects for this exchange. Some residents find this option more appealing due to rising property values in the area. Owners who accept the arrangement could begin signing provisional agreements as early as May or June 2026, with initial payments expected in the third quarter of 2026.
