Hong Kong government offers to buy apartment ownerships from fire victims

Hong Kong’s government is offering to buy back homeownership rights from residents displaced by last year’s deadly Wang Fuk Court fire. On Saturday, officials said owners in seven damaged buildings can take cash to find housing or swap into an apartment under a government scheme. The government has been paying rental grants while families stay in temporary homes across the city. Deputy Financial Secretary Michael Wong says the buildings have no practical repair path and are likely to be dismantled. The government estimates that buying back the rights of some 1,700 units would cost about $870 million.