The government welcomes the banking industry to introduce new support for the households affected by the Hongfu Garden fire, extending the repayment grace period until the end of November this year

The government welcomes the banking industry to continue providing support to those affected by the Hong Fu Garden fire with empathy and flexibility.

Following the introduction of 11 emergency support measures after the fire last year, the Hong Kong Monetary Authority and the Hong Kong Association of Banks announced three new measures yesterday (the 4th) to align with the government's long-term housing arrangement plan for affected owners of Hong Fu Garden.

The measures include: extending the repayment grace period for existing mortgages, personal loans, and credit cards (including principal and interest) until the end of November this year; flexibly adjusting mortgage arrangements for "swap for swap" or cash purchase options, such as replacing the original collateral with newly funded sale units, ensuring that the loan terms (including interest rates and repayment periods) are not inferior to existing arrangements, and extending the repayment grace period until the new units are occupied, while providing flexibility for new mortgages; and establishing a multi-party collaboration and communication platform to understand residents' specific needs and provide appropriate support on a case-by-case basis through a dedicated team coordinated by the Housing Authority for the long-term housing arrangements of Hong Fu Garden.

To assist owners in gaining a deeper understanding of the details of the long-term housing arrangement plan, the dedicated team has been directly contacting each owner since March 2 through referrals from "one household, one social worker," clearly explaining the government's acquisition of property rights and the details of various housing options, as well as answering questions. The dedicated team will collaborate with the communication platform established by the Hong Kong Monetary Authority, the Hong Kong Association of Banks, and the banking industry to understand the specific situations of the owners so that banks can provide appropriate support as needed on a case-by-case basis. Team members will wear light blue vests and display identification badges during the explanation period for identification purposes