The tightly packed Wang Fuk Court in the Asian financial hub’s northern district of Tai Po has 2,000 apartments across eight blocks that are home to more than 4,600 people in a city struggling with chronic shortages of affordable housing.
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Publicly available minutes of meetings of registered owners of Wang Fuk Court showed members approved the continuation of insurance coverage for the housing complex with China Taiping Insurance (Hong Kong) in December 2024.
The policy period runs from January 1, 2025, to December 31, 2026, the records show, exposing the insurer to liability of up to HK$2 billion ($257 million) in compensation for damage to the complex’s exterior and public area.
The Hong Kong unit also provided insurance coverage for the year-old renovation project to the contractor, Prestige Construction and Engineering Company, a separate publicly available project-briefing document showed.
The policy, valid for three years from July 2024, covers
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