Hong Kong to spend HK$6.8 billion buying back fire-ravaged Tai Po flats

Hong Kong authorities will spend about HK$6.8 billion (US$870 million) to buy back homes damaged in the deadly Tai Po fire from flat owners, offering HK$8,000 to HK$10,500 per square foot as part of a long-term resettlement plan involving HK$4 billion in public funds. Deputy financial secretary Michael Wong Wai-lun unveiled the plan on Saturday, ruling out on-site redevelopment of Wang Fuk Court, and saying authorities were inclined to demolish seven of the estate’s eight buildings and redeve...

By Matthew Cheng,Harvey Kong