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Hong Kong fire victims begin choosing replacement flats under buy-back plan
Authorities unveiled a HK$7.8 billion (US$994 million) buy-back scheme for Wang Fuk Court, with priority selection for the first 35 households to choose from 4,400 flats.
Residents who lost their homes in Hong Kong’s deadly Tai Po fire began selecting replacement flats on Tuesday, following the government’s rollout of a buy-back arrangement for Wang Fuk Court, according to SCMP Economy.
Under the HK$7.8 billion (US$994 million) plan, participants can use cash compensation to buy a flat on the private open market or take part in a special sales exercise to purchase new subsidised housing under the government’s “flat-for-flat” arrangement.
The scheme also includes a priority selection mechanism for the first 35 households that signed their letters of acceptance by June 30, giving them the pick of 4,400 flats across 10 subsidised housing estates.
The buy-back program followed the blaze at Wang Fuk Court last November, and it covers flats in an eight-block subsidised housing estate.