Hong Kong plans to spend about HK$4 billion ($512 million) to buy out owners of homes in the Wang Fuk Court high-rise complex, devastated by a fire last November that killed over 160 people.

Axar.az, citing Reuters, reports that authorities will offer HK$8,000 per sq. ft. without a land premium and HK$10,500 per sq. ft. with it.

Deputy Financial Secretary Wong Wai-lun said the pricing “is sufficient for the affected residents to relocate and secure long-term housing.”

The government also proposed an apartment exchange program for the 4,600 tenants across nearly 2,000 units. After relief fund contributions and insurance compensation, the total outlay—estimated at HK$6.8 billion—could be reduced further.