Hong Kong plans to buy homes devastated in deadly high-rise fire
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Hong Kong plans to spend about HK$4 billion ($512 million) to buy out owners of homes in a high-rise complex affected by a deadly fire that killed 168 people. The buyout offers HK$8,000 per sq ft without a land premium and HK$10,500 with it. A survey showed 74% of affected owners would consider the buyout. The government is also offering an apartment exchange program for 4,600 affected tenants. Provisional agreements may be signed by May or June, with initial payments expected in the third quarter of this year.
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