Editorial | Buy-back plan offers Hong Kong’s fire-hit homeowners a fresh start
Generous pricing and a flat-exchange pledge make this settlement package a swift and practical solution for affected households
With a higher-than-expected acquisition price of HK$8,000 or HK$10,500 per square foot, along with thousands of subsidised flats for sale and exchange, the package for the 1,736 flat owners from the seven fire-ravaged blocks is considerate and reasonable. About HK$4 billion will be drawn from public coffers, with the remaining covered by donations in a relief fund. The final cost may rise further should the majority of those in the remaining block also opt in. Homeowners must make their choice by August 31, with those signing provisional agreements by June 30 given priority for September’s flat selection.
That is not to strong-arm tragedy survivors into compromising, but to help them make a choice based on full information. It is to be hoped that any doubts and resistance can be addressed through frank and rational public discussion.
There are those who wonder whether the government offer is too generous, noting that public finance is still under considerable pressure. But it must not be forgotten that disaster relief is a collective responsibility in a caring society. The generous contributions from the authorities, businesses and the wider community over the past three months speak volumes about our shared belief in empathetic action. The buyout represents a swift and broadly accepted resolution that offers a realistic chance for survivors to re-enter the housing market and rebuild their lives within a reasonable time frame.