The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) announced three additional banking industry measures to support residents affected by the Tai Po fire at Wang Fuk Court, alongside the Hong Kong Government’s long-term housing arrangements. The package extends repayment relief and sets out additional support for mortgage handling under the available rehousing options. All 28 retail banks will extend the repayment grace period, covering principal and interest, for affected individuals’ existing mortgages, personal loans and credit card loans by a further six months to the end of November 2026. For residents choosing the “Flat-for-Flat” option, Wang Fuk Court mortgagee banks will support substitution of the original property with a newly purchased Subsidised Sale Flat as mortgage collateral, with loan terms no less favourable than the existing mortgage after substitution, and will extend the grace period on the existing mortgage until the new flat is ready for intake. Where residents choose the “Cash Acquisition” option and repay their existing mortgages, mortgagee banks will take a flexible approach to any new mortgage loan for owners making their own long-term housing arrangements. A multi-party communication platform will be established by the HKMA, HKAB and the banking industry, working through the Housing Bureau’s engagement team, to understand residents’ needs and provide case-specific assistance. The announcement also included a reminder for the public to remain vigilant against fraud attempts linked to the incident.
Hong Kong Monetary Authority 2026-03-04
Hong Kong Monetary Authority and Hong Kong Association of Banks extend repayment grace period to end-November 2026 for Tai Po fire affected residents
The Hong Kong Monetary Authority and the Hong Kong Association of Banks announced measures to support residents affected by the Tai Po fire, including a six-month extension on repayment relief for mortgages, personal loans, and credit card loans. Mortgagee banks will facilitate property substitution under the "Flat-for-Flat" option and adopt a flexible approach for new mortgages under the "Cash Acquisition" option. A communication platform will address residents' needs, with a warning against fraud attempts related to the incident.