The Hong Kong Special Administrative Region (HKSAR) government has unveiled a HK$6.8 billion (US$870 million) buyout plan to compensate residents of seven Wang Fuk Court buildings severely damaged by a November 2025 fire. Deputy Financial Secretary Michael Wong announced the initiative on February 21, 2026, offering affected property owners cash settlements or property right swaps to expedite recovery efforts.
Financial and Legal Safeguards
The government will assume all legal risks and insurance-related uncertainties post-purchase, ensuring residents face no additional financial burdens. The plan excludes one unaffected building in the complex.
Future Redevelopment Vision
Authorities are considering demolishing the fire-damaged structures to create public parks or community facilities, aligning with broader urban renewal strategies. This approach balances immediate relief with long-term urban planning goals for Kowloon City.
