In Hong Kong, the aftermath of one of the deadliest fires in recent decades is still being assessed. According to Kazinform, citing SCMP, the tragedy at the Wang Fuk Court residential complex in the Tai Po district resulted in the destruction of 1,736 apartments.
Economists and industry experts estimate that the total losses could amount to billions of Hong Kong dollars. The value of the burned apartments alone is estimated at around 5 billion Hong Kong dollars, which is approximately $642.3 million.
It is important to note that these calculations do not yet account for the indirect damage caused by the cancellation of mass events. Following the fire, the annual Hong Kong Cyclothon bike marathon and the first concert of singer Karen Mok at the new Kai Tak stadium, which accommodates 50,000 spectators, were canceled.
Senior economist at Natixis Corporate and Investment Bank Gary Ng Chek Yan warned that a three-week pause in the events industry could lead to additional losses of about 265 million Hong Kong dollars, which is around $34 million.
In response to the tragedy, the Hong Kong government is developing financial mechanisms to support those affected. To date, 3.7 billion Hong Kong dollars have already been raised, equivalent to $474 million.
We remind you that the fire in Hong Kong occurred on November 26 and claimed the lives of 160 people, leaving about 5,000 residents homeless.
