Hong Kong plans to buy apartments destroyed in a terrible fire for about 512 million dollars

Offered prices will range from $1,000 to $1,300 per square foot, authorities announced Saturday, three months after a deadly fire killed 168 people in November. Residents of the Wang Fuk Court neighborhood in the northern Tai Po district of Hong Kong are struggling to find a new place to live.

– We believe that the proposed price is sufficient for the affected residents to relocate and secure long-term housing – said Wong Wai-lun, Deputy Secretary of Finance of Hong Kong, who added that the sale of the property to the government is not “compulsory”.

The total expenditure will be reduced by a large part after the contribution from the relief fund, and could be lower after the insurance compensation is accounted for, the officials said.

A Department of Social Welfare survey conducted last month found that 74 percent of owners in Wang Fuk Court would consider accepting a buyout of their property rights, while nine percent would only accept redevelopment at the same location, officials from the Asian financial center said at a media briefing.

– It is simply impossible to satisfy the wishes of every individual when creating government packages – said Wong.

The government rejected the possibility of using the original location for future residential purposes, but is considering the construction of social facilities such as a park on that site.

The government also offered a program to exchange apartments for 4,600 affected tenants who already lived in almost 2,000 housing units in the complex. Hong Kong’s Housing Authority has launched a scheme offering 3,900 housing units in 10 subsidized housing projects for such replacement, said Housing Secretary Winnie Ho.

An affected resident surnamed Cheung told Reuters that he was inclined to accept the plan to exchange his flat because it would be more difficult to secure a home with cash as property prices in the Tai Po area had risen in the meantime.

Owners who are ready to accept the deal can sign pre-contracts with the government more. in May or June, according to Wong, while the first payment from the government will be made in the third quarter of this year.