The Hong Kong government has proposed a significant financial initiative amounting to HKD 4 billion (over NOK 4.8 billion) aimed at purchasing the homes of residents affected by a catastrophic fire in a high-rise building last fall. The fire, which occurred on November 26, resulted in the tragic loss of over 160 lives and has been characterized as the deadliest in Hong Kong since World War II. This proposal intends to ease the burden on affected homeowners by offering compensation that corresponds to the current market rates for those homes.

Under the government's offer, affected property owners will receive HKD 8,000 per square foot (approximately NOK 9,750) without land premium fees, while those who qualify for such fees will be compensated with HKD 10,500 per square foot (about NOK 12,800). Wong Wai-lun, the city's Deputy Financial Secretary, stated that the proposed compensation is sufficient for the displaced residents to relocate and secure long-term housing solutions. This financial intervention reflects the government's commitment to supporting the survivors and restoring normalcy in the community after such a devastating event.

The implications of this response extend beyond immediate relief for the victims, as it highlights the need for improved safety regulations and emergency preparedness in high-rise buildings in Hong Kong. The government’s proactive stance on purchasing and compensating homeowners may also set a precedent for future disaster management frameworks within the region, ensuring that appropriate measures are in place to protect residents and uphold housing stability following disasters.