Deputy Financial Secretary Michael Wong said on Wednesday that fully redeveloping the fire‑hit Wang Fuk Court estate at its current site would be very challenging, while cash buybacks would be the fastest and most flexible option for rehousing residents.

This comes as the government gathers residents’ views on long‑term rehousing options after last November’s inferno killed 161 people and left more than 4,000 still living in transitional housing.

Speaking in Legco, Wong cited the Hong Kong Institute of Surveyors as valuing the flats at Wang Fuk Court at roughly HK$6,000 to HK$8,000 per square foot, depending on whether premiums had been paid. He stressed that these figures do not represent the final buyback price.

Wong explained why rebuilding the estate could take up to 10 years.

"Rebuilding on the original site requires demolition first. To carry out the demolition, we must properly handle property ownership and related legal issues of every affected unit," he said.

"If construction takes four to five years and demolition takes a year-and-a-half, we would need to resolve a significant number of property ownership and legal issues in just a few years. This is a substantial challenge."

Other ideas floated by the government include allowing exchanges for subsidised flats in Tai Po or other locations.

Wong said the government will carefully consider residents’ wishes, public opinion, and the best use of public resources, and quickly draw up firm proposals for long‑term rehousing arrangements.