Property developers may face financial loss after skyscraper fire Hong Kong.
The 42-story Kimpton Hotel project—now ravaged by a devastating fire—was expected to have 500 rooms in 340,000 square feet of interior space.
The luxury skyscraper was almost completely built when a fire broke out in the early hours of Friday in Tsim Sha Tsui. The cause is currently under investigation.
Massive Hong Kong fire consumes skyscraper under construction, burning embers rain down on street
According to the South China Morning Post, the compensation from the insurance company is likely to be record-setting due to the “contractors’ all risk” policy purchased for the project.
“Typically, contractor-risk coverage only pays HK$20 million or more,” Chan Kin-por, chairman of the Legislative Council’s finance committee, told the outlet on Friday.
Chan further added, “The amount of compensation will be higher because the building is almost complete than the amount it will pay to rebuild the entire portion. The later the damage occurs during the construction period, the higher the amount to be paid.” will be needed.”
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Chan estimated that the insurance claim could reach anywhere from $25 million to $500 million in compensation.
The Kimpton was being constructed on the site of the historic Mariners’ Club in Hong Kong. The former club building was torn down ahead of the project and the club intended to move to new property.
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Widespread fires broke out after midnight – embers and burning debris It was raining on the streets below as firefighters attempted to bring the blaze under control.
Photos and video from the scene show the skyscraper engulfed in flames sound of explosions Informed from within the structure.
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