The Hong Kong Institute of Surveyors suggested on December 19 that the government enact dedicated legislation to form a body for acquiring all Wang Fuk Court properties and handling insurance claims, estimated at HK$50-70 billion, amid debates on relocating residents after the Level 5 blaze.
Seven of the estate's eight blocks were engulfed in flames, sparing only Wang Chi House, with widespread calls for proper victim housing.
The institute argued that the 40-year-old structures suffered extensive damage to frameworks, utilities, and elevators from prolonged heat, compounded by residents' trauma, making on-site repairs unfeasible.
Rebuilding costs, including demolition, foundations, and construction, were projected at HK$25-30 billion over 5-7 years, but acquiring undivided shares could push totals to HK$75-95 billion, exceeding buyout options.
Under the plan, a specialized entity would unify ownership purchases based on pre-fire market values—around HK$6,000 per square foot unsubsidized and HK$8,000 subsidized.
This could pass swiftly in the new legislature, potentially starting acquisitions within six months after incorporating public input.
Victims would choose from full cash buyouts plus compassionate payments for independent relocation, priority purchases of designated Home Ownership Scheme flats with self-funded differences or cash residuals, or expedited public housing waits for those eligible.
The site could then be rezoned into a memorial park or public facility to avoid costly rebuilds, ease budgets, offer remembrance space, and enhance the area.
