Arya News - An additional HK$1 billion will be funneled into the government’s Lift Modernisation Subsidy Scheme.
HONG KONG – The Hong Kong Special Administrative Region government is set to pump billions of dollars into helping Wang Fuk Court residents secure permanent housing and fund critical building safety overhauls in the wake of last year’s deadly Tai Po fire.
Delivering the 2026-27 Budget on Wednesday, Financial Secretary Paul Chan Mo-po confirmed a HK$4 billion ($511.5 million) reserve to support the government’s HK$6.8-billion flat buyback arrangement.
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Announced on Saturday, the acquisition plan for the seven residential blocks destroyed in November’s Wang Fuk Court fire set prices at HK$8,000 per square foot for properties without land premium clearance and HK$10,500 per square foot for those with premiums settled.
In a parallel move to enhance building safety, the government is channeling HK$3 billion into the Development Bureau to reform its building repair subsidy program to help owners meet safety requirements.
To stamp out bid-rigging, another HK$300 million will be earmarked for the Urban Renewal Authority (URA) to deliver an enhanced “Smart Tender” platform in the second half of this year, which aims to offer owners professional advice, robust support, and access to a more rigorous pre-qualified list of consultants and contractors.
Looking to encourage uptake, the URA will subsidize owners who tap into the paid services of “Smart Tender”.
An additional HK$1 billion will be funneled into the government’s Lift Modernisation Subsidy Scheme.