Government welcomes latest support measures introduced by banking industry for individuals affected by Wang Fuk Court fire
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Following the 11 emergency support measures launched after the fire last year, the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) today (March 4) announced three new measures to support the Government's long-term housing arrangements for affected owners of the WFC. The measures are: (1) extending the repayment grace period (including principal and interest) for existing mortgages, personal loans and credit card loans, etc to the end of November 2026; (2) flexibly adjusting the mortgage arrangements for the "Flat-for-Flat" or cash acquisition options, including substituting the original collateral with a newly purchased subsidised sale flat, with loan terms (including interest rate and remaining instalments) no less favourable than those of the existing arrangements, and extending the repayment grace period until the new flat is ready for intake, while adopting a flexible approach for a new mortgage; and (3) establishing a multi-party collaboration and communication platform to understand the specific needs of residents and provide appropriate assistance to each individual case, through the Long-term Housing Arrangements for WFC Engagement Team (Engagement Team) co-ordinated by the Housing Bureau.
To assist owners in understanding the details of the long-term housing arrangements, the Engagement Team, through referrals made under the "one social worker per household" service, has been directly contacting individual owners since March 2 to clearly explain the details of the title acquisitions by the Government and each housing option, and answer related questions. The Engagement Team will work with the communication platform set up by the HKMA, the HKAB and the banking industry to understand the specific circumstances of each owner, enabling banks to provide appropriate support based on individual cases. During these engagement sessions, the Engagement Team members will wear light blue vests and carry identification cards for easy recognition.
Ends/Wednesday, March 4, 2026
Issued at HKT 18:58
Issued at HKT 18:58
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