A recent government survey indicates strong support for the initiative, with 74% of the 1,458 households surveyed expressing willingness to consider the government’s buyout offer. Only 12% explicitly rejected the proposal, while 14% remain undecided, reflecting a widespread desire among owners to finalize resettlement arrangements as quickly as possible.
Under the proposal, the government will purchase units based on the saleable area. The offer is set at HKD$8,000 per square foot for units with unpaid premiums and HKD$10,500 per square foot for those with paid premiums, according to Macau Daily.
These figures are HKD$2,000 to HKD$2,500 higher than initial estimates. The total acquisition cost is projected at HKD$6.8 billion; after deducting HKD$2.8 billion covered by the relief fund, the remaining HKD$4 billion will be drawn from public funds.
Read more: Hong Kong police arrest another suspect over fatal Tai Po residential fire
Hong Kong Deputy Financial Secretary Michael Wong stated that government intervention was necessary due to the absence of effective market mechanisms to assist the owners.
“The government must intervene to acquire the ownership of the seven affected buildings through cash or ‘flat-for-flat’ arrangements, while assuming the subsequent legal and insurance risks,” Wong said. He described the move as the fastest and most flexible solution to address the households’ long-term living needs.
Upon cashing out their ownership rights, residents may choose to purchase private properties or government-subsidized housing. The authorities will launch a special sales scheme providing approximately 3,900 units.
Available locations include Shing Chi Court in Kowloon Bay, Yu Fung Court in Tung Chung, Ying Fai Court in Tseung Kwan O, and the Chung Nga Road West project in Tai Po. According to the survey, Kai Yeung Court in Kai Tak is currently the most popular option among residents.
Regarding the fire-damaged site, the seven affected buildings will be demolished. The government has determined that the site is no longer suitable for residential use and plans to redevelop the area into a memorial park or community facilities.
Authorities will establish dedicated teams to explain the specific details of the scheme to residents starting in March.
