Hong Kong Business News

The banking industry today introduced three additional measures to provide empathetic and flexible assistance to residents affected by the Wang Fuk Court (WFC) fire.

Recognising that residents need time to evaluate long-term housing options and financial arrangements, the industry introduced the following support:

Repayment extension

All 28 retail banks will extend the repayment grace period for existing mortgages, personal loans and credit card loans for the affected individuals by another six months. The extension will now last until the end of November 2026 to alleviate short-term financial pressure.

Mortgage flexibility

All WFC mortgagee banks will assist owners with various housing options.

For those selecting the “Flat-for-Flat” option, banks will support the substitution of the original property with a newly-purchased Subsidised Sale Flat (SSF) as mortgage collateral, with the repayment grace period extended until the new unit is ready for intake.

For residents choosing the “Cash Acquisition” option to repay their existing mortgage loans, banks will adopt a flexible approach in handling any new mortgage applications for their subsequent housing arrangements.

Communication platform

The Hong Kong Monetary Authority, the Hong Kong Association of Banks and the banking industry will establish a communication platform. Working with the Housing Bureau’s engagement team, the platform will identify the specific needs of WFC residents and provide appropriate assistance for each individual case.