Hong Kong plans buyout of fire-damaged homes after deadly high-rise blaze

Saturday 21 February 2026 - 11:30

By: Sahili Aya

Hong Kong plans buyout of fire-damaged homes after deadly high-rise blaze

Hong Kong authorities have unveiled a multi-billion-dollar plan to purchase apartments damaged in a devastating high-rise fire that claimed more than 160 lives last November, marking one of the city’s deadliest residential disasters in decades.

The blaze tore through the Wang Fuk Court complex in Tai Po, leaving thousands of residents displaced and raising renewed concerns about building safety standards in densely populated urban areas.

At a press briefing, Deputy Financial Secretary Wong Wai-lun outlined a proposal to allocate approximately HK$4 billion to acquire affected flats. Authorities said homeowners would be offered HK$8,000 per square foot for units without land premium payments and HK$10,500 per square foot for those subject to such premiums.

Officials stated that the compensation levels were calculated to enable residents to relocate and secure stable, long-term housing. In addition to the buyout scheme, the government introduced an apartment exchange programme designed to assist around 4,600 tenants who had lived in nearly 2,000 units within the complex.

The overall financial package is estimated at HK$6.8 billion. However, contributions from a dedicated relief fund are expected to reduce the government’s net expenditure, with further adjustments possible once insurance claims are processed.

The tragedy prompted widespread public debate in Hong Kong over fire prevention measures, building maintenance and emergency preparedness in aging residential towers. Authorities have pledged to review safety regulations and accelerate inspections across similar developments.

While reconstruction and compensation efforts are underway, many former residents continue to grapple with the emotional and financial aftermath of the disaster. The proposed buyout represents a significant step in the government’s attempt to provide closure and stability to affected families.