By Saadet Gokce
ISTANBUL (AA) - Hong Kong on Saturday announced plans to purchase the property rights of apartment units affected by a deadly fire that struck the city last November.
The plan includes various options such as cash acquisitions or "flat-for-flat" swaps, according to a statement from the government of the Hong Kong Special Administrative Region.
The acquisition offer is $8,000 Hong Kong dollars ($1,023) per square foot for flats with premium unpaid, and $10,500 Hong Kong dollars ($1,343) per square foot for flats with premium paid.
Michael Wong, deputy financial secretary of the Hong Kong government, told a news conference that total expenditure is estimated at around 6.8 billion Hong Kong dollars ($870 million), according to China's state-run news agency.
Wong also said that although the seven affected blocks do not face an immediate risk of structural collapse, the intense fire caused "extensive, deep, complex, and long-term damage to multiple building functions," making complete demolition "necessary."
In Tai Po's Wang Fuk Court area, the 43-hour fire that started on Nov. 26 engulfed seven residential blocks, including over 1,900 apartments, the worst fire in decades.
The fire killed 168 people and left nearly 5,000 people homeless.