HKMA and Banks Introduce New Support Measures for Wang Fuk Court Residents After Tai Po Fire

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

Hong Kong Customs raids suspected illicit cigarette and alternative smoking product storage centre in Mong Kok

Hong Kong Customs shut down a suspected illicit cigarette and alternative smoking product storage centre in Mong Kok yesterday (March 3), seizing a total of about 76 000 suspected illicit cigarettes and about 192 000 suspected alternative smoking products (ASPs), with a total estimated market value of about $920 000. The duty potential of the suspected illicit cigarettes was about $250 000. One person involved in the case was arrested.

Customs officers conducted an anti-illicit cigarette operation in Mong Kok yesterday afternoon and intercepted a suspicious woman in a commercial building on Reclamation Street. About 10 000 suspected ASPs were seized from a carton box carried by her, and the 71-year-old woman, who claimed to be a retiree, was subsequently arrested. Later, Customs officers escorted the woman to a unit in the commercial building for a search and further seized about 76 000 suspected illicit cigarettes and about 182 000 suspected ASPs.

After preliminary investigations, Customs believed that the illicit cigarettes and ASPs seized would mainly be used to supply areas in Kowloon West through telephone ordering. The investigation of the case is ongoing, and the likelihood of further arrests is not ruled out.

Customs stresses that it is an offence to buy or sell illicit cigarettes. Under the Dutiable Commodities Ordinance, anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.

Members of the public may report any suspected illicit cigarette activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Hong Kong Customs raids suspected illicit cigarette and alternative smoking product storage centre in Mong Kok Source: HKSAR Government Press Releases