Banking industry introduces further measures to assist affected individuals of Tai Po fire
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) held a meeting to explore further measures by the banking industry in support of the long-term housing arrangements for Wang Fuk Court (WFC) in Tai Po announced by the Hong Kong Special Administrative Region Government. The banking industry introduced today (March 4) additional measures to continue assisting the affected residents in an empathetic and flexible manner.
HKMA, Photo source: reference image
The HKMA and HKAB have launched 11 emergency support measures (Note)following the Tai Po fire incident last year, including a six-month pre-approved repayment grace period for various loans to alleviate the immediate financial pressure of the affected individuals. The repayment grace period also offers time and room for the affected residents and relevant parties to manage legal matters, insurance claims and rehousing arrangements associated with the affected residential mortgages.
Recognising that the affected residents may need time to understand various options and details under the long-term housing arrangements for WFC, so that they can make informed choices and corresponding financial arrangements, the banking industry announces the following three additional measures:
(1) Extend the repayment grace period for various loans: All 28 retail banks will extend the repayment grace period (including principal and interest) for existing mortgages, personal loans and credit card loans, etc. of the affected individuals by another six months to the end of November 2026, to alleviate their short-term financial pressure;
(2) Assist with mortgage arrangements under different housing options: All WFC mortgagee banks will help relevant owners in handling mortgage-related matters, including:
- Provide support to WFC mortgagors and borrowers who select the "Flat-for-Flat"option in substituting the original WFC property with the newly-purchased Subsidised Sale Flat (SSF) as mortgage collateral.The mortgagee banks have agreed that, upon completion of the collateral substitution, the loan terms (including interest rate and remaining instalments) will be no less favourable than those of the existing mortgage loan.
- At the same time, to allow residents who select the "Flat-for-Flat"option sufficient time to manage the transition arrangements, banks will further extend the repayment grace period (including principal and interest) for the existing mortgage loan until the newly-purchased SSF is ready for intake.
- For mortgagors and borrowers who choose the "Cash Acquisition"option and repay their existing mortgage loans, the mortgagee banks will adopt a flexible approach in handling any new mortgage loan when they make their own long-term housing arrangements.
(3) Establish a multi-party collaboration and communication mechanism: The HKMA, HKAB and the banking industry will establish a communication platform to understand, including through the "engagement team" co-ordinated by the Housing Bureau, the specific needs of WFC residents and provide appropriate assistance to each individual case.
The HKMA and HKAB would like to take this opportunity to remind the public to stay vigilant at all times to prevent fraudsters from taking advantage of the situation. Whenever receiving calls that claim to be from banks, the public should authenticate the identity of the caller and never disclose personal and bank account information, passwords, or other sensitive information to suspicious individuals.
Note: The HKMA and HKAB launched six emergency support measures and five additional measures on November 28 and December 4, 2025 respectively.
Wang Fuk Court in Tai Po, Photo by Bastille Post
