HONG KONG: 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.
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.
“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.
The government also offered an apartment exchange program for the 4,600 affected tenants, who ‌lived in nearly 2,000 housing units at the complex, ⁠Wang ⁠Fuk Court.
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. ($1=7.8148 Hong Kong dollars)