HONG KONG, Feb 21 (Reuters) - Hong Kong proposes to spend about HK$4 billion ($512 million) to buy out the owners of homes in a high-rise housing complex ravaged by a massive fire that killed more
Hong Kong to Acquire Fire-Hit Wang Fuk Court Flats in HK$4B Plan
Government Buyout and Rehousing Details
HONG KONG, Feb 21 (Reuters) - Hong Kong proposes to spend about HK$4 billion ($512 million) to buy out the owners of homes in a high-rise housing complex ravaged by a massive fire that killed more than 160 in November, authorities said on Saturday.
Offer Prices and Land Premiums
The prices offered will be HK$8,000 per sq. ft. without a land premium payment, and HK$10,500 per sq. ft for those receiving such a payment, officials in the Asian financial hub told a media briefing.
Per-Square-Foot Rates
"We believe the proposed price is sufficient for the affected residents to relocate and secure long-term housing," said Wong Wai-lun, Hong Kong's deputy financial secretary.
Eligibility and Affected Households
The government also offered an apartment exchange programme for the 4,600 affected tenants, who lived in nearly 2,000 housing units at the complex, Wang Fuk Court.
Relief Fund and Insurance
Funding Sources and Offsets
The total outlay, estimated at HK$6.8 billion, will drop by HK$2.8 billion from a contribution by a relief fund, and could go lower still after insurance compensation in factored in, the officials said.
Exchange Rate Reference
($1=7.8148 Hong Kong dollars)
(Reporting by Jessie Pang, Selena Li and Clare Jim in Hong Kong; Editing by Clarence Fernandez)
