The government of the Hong Kong Special Administrative Region announced plans to buy property rights from owners of apartments in seven buildings at Wang Fuk Court that were damaged in a deadly fire in late November.
According to Deputy Financial Secretary Michael Wong, the government will compensate owners either with cash payments or property-right swaps. The total cost is estimated at about 6.8 billion Hong Kong dollars (around 870 million U.S. dollars). He said the government will assume all legal risks and uncertainties tied to insurance or related procedures once the purchases are completed. The plan excludes the one building in the complex that was not affected by the fire.
Officials are considering demolishing the seven damaged buildings and redeveloping the land into a park or community facilities.
Credit CGTN
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