TRAGEDY. People look on near the Wang Fuk Court housing complex following the deadly fire on Wednesday, in Tai Po, Hong Kong, China December 1, 2025.TRAGEDY. People look on near the Wang Fuk Court housing complex following the deadly fire on Wednesday, in Tai Po, Hong Kong, China December 1, 2025.

Hong Kong fire came after contractor safety breaches and a residents’ revolt

2025/12/06 15:09

Homeowners at the complex destroyed in one of Hong Kong’s deadliest fires were incorrectly told the contractor that authorities blame for the blaze had a clean safety record, documents viewed by Reuters show.

Residents were given the assurances by Will Power Architects, which was retained by their homeowners’ corporation to evaluate bids for a renovation contract, according to a PowerPoint presentation created by the consultant.

In fact, the contractor, Prestige Construction & Engineering Co., had been penalized by the city’s safety regulator more than a dozen times in the seven years before it was hired by the corporation to renovate the complex, according to the agency’s records, including for improperly installing scaffolding and faulty electrical connections.

The fines were issued for violations of an industrial-safety ordinance between 2016 and 2019, according to Labor Department records. Offenses under the code are typically prosecuted in a magistrate’s court.

This account of how Prestige won a HK$330 million ($42.4 million) renovation contract on Will Power’s recommendation, as well as the cascade of concerns about spiraling costs and fire hazards that followed, is based on interviews with two dozen people and a review of construction and regulatory records.

Residents, including some with experience in construction, repeatedly complained about workers smoking on-site and Prestige’s use of flammable material in places like the scaffolding. They also made an aborted effort to revoke the firm’s contract.

Reuters could not determine why Will Power wrote in the undated presentation created for the homeowners’ corporation that Prestige had “no record of being prosecuted by the Labour Department.” The news agency also could not establish whether the contractor disclosed the violations to Will Power or if it contested the penalties, though the records are only published online after any appeal has been exhausted.

Will Power and Prestige did not respond to calls and letters left at their shuttered offices seeking comment. Reuters could not establish if the firms had retained lawyers or ascertain their response to the investigations as no legal filings have been made.

Consultants are responsible for reviewing contractors’ bids, while contractors are required to not misrepresent or omit their safety record if asked, two construction industry experts told Reuters.

The work of the two firms is now subject to manslaughter and corruption investigations after the Nov. 26 blaze at Wang Fuk Court, which has claimed at least 159 lives and is the city’s deadliest since 1948. Authorities say parts of the mesh used by Prestige on the building scaffolding to catch debris did not meet fire-safety standards and foam boards used to protect windows during renovation were highly flammable.

The Labor Department acknowledges that it told residents who had raised concerns before the blaze that the mesh was certified as safe. Hong Kong’s deputy leader told reporters on Monday that contractors attempted to “fool” inspectors by mixing substandard material with high-quality mesh.

At least three people in charge of Prestige and four people from Will Power have been arrested in the investigations. Authorities have made more arrests as part of the probes, though the total number of people in custody is unclear and no charges have been announced. Law enforcement has not named the arrested people, as is customary in Hong Kong.

Wang Fuk Court consisted of eight government-subsidized housing towers built near a pier and industrial estate in northern Hong Kong. Its roughly 2,000 units – none larger than 500 square feet (46.45 square meters) – were owned by many blue-collar workers and senior citizens.

Hong Kong Police and the Labor Department, which enforces safety standards at industrial sites, did not respond to questions about their investigations and Prestige’s safety record. The labor agency told Reuters last week that it had informed homeowners last year that they faced “relatively low fire risks” after receiving repeated complaints about fire hazards, including the renovation mesh. However, it said that this did not mean the agency had ignored the risks, stressing that it had reminded Prestige to implement fire-prevention measures.

The Buildings Department, which sets guidelines on construction materials but is separate from the labor agency, referred Reuters to two documents it had sent to construction firms in October and November. The notices urged them to “take prompt action” in ensuring that construction materials like the mesh netting met fire-safety standards, but did not specifically reference foam boards.

Messages sent by Reuters to an adviser of the former leadership of the corporation seeking comment went unanswered.

Must Read

Hong Kong fire: Echoes of loss below burnt towers

Residents’ revolt

Hong Kong regulations require buildings that are more than 30 years old to undergo inspections and renovations at least once.

The work at Wang Fuk Court, which was built in the 1980s, entailed refurbishment of the exterior cladding, fixing fire safety features and replacing water pipes.

Prestige was hired after Will Power awarded its bid one of the highest grades among the 57 bids and said it had a spotless safety record.

Labor Department records reviewed by Reuters, however, show that Prestige had been fined a cumulative HK$309,000 ($39,700) for 15 workplace safety violations committed between September 2016 and June 2019. The agency did not respond when asked about Prestige’s record.

Separately, the Buildings Department ordered Prestige and an affiliated person to pay a total of HK$139,000 ($17,850) for “negligence or misconduct” and processing costs related to two projects from 2012 and 2014, records published in the government gazette in 2023 show. The agency also barred Prestige from performing certain projects for four months.

Problems with the renovation started becoming apparent in early 2024, when the approved total cost of the project more than doubled from the roughly HK$150 million ($19.3 million) presented during the bid as the scope of works expanded, according to minutes from a January 28 homeowners’ corporation meeting.

In Hong Kong, such corporations represent the owners of apartment units in overseeing the management and maintenance of an estate.

The next month, a resident submitted to the corporation’s management signatures of a number of homeowners, hoping to trigger a special meeting to replace the long-serving leadership and revoke Prestige’s contract.

Homeowners wanted to replace the leadership primarily due to concerns over how quickly Prestige wanted to be paid, the current head of the supervisory body of residents told Reuters. Meeting minutes also show residents repeatedly complained about “sky-high” costs and not being thoroughly consulted on the scope of works.

But the prior homeowners’ board questioned the validity of the signatures and warned that a “special meeting wastes time and money and damages relationships,” according to announcements published on the complex’s website.

The meeting was finally convened during a typhoon on September 6, 2024, seven months after the first request. More than 1,200 people braved the weather to attend the gathering that stretched until 11 p.m.

By the end of the evening, new leadership of the homeowners’ board had been installed.

Fire hazards

The new board ultimately did not revoke Prestige’s contract after being told by a lawyer the move would leave all owners legally liable, the minutes show, without specifying the risks.

The lawyer, Walter Tsui of WT Law Offices, confirmed he informed the owners of their potential liability but said he did not remember specifics. He told Reuters he was invited to the meeting by the new board and wasn’t representing any party: “I only gave my opinion when residents asked me about it.”

The new board immediately launched a review of the renovation project that included looking into fire-safety risks. It also mobilised volunteer teams of residents with experience in construction to help oversee the site, while collecting photographic evidence of possible breaches, videos posted to the corporation’s website show.

“Will there be any corner-cutting? Any violations of safety guidelines? Any lack of follow-up? Don’t worry – our supervisory taskforce will keep a close watch,” the homeowners’ corporation said in a video on the complex’s website.

Despite the new team’s efforts, which included a September 2024 meeting with Prestige at which it was asked to explain the safety of some of its materials, some residents still felt they had to take matters into their own hands.

Retired electrician and plumber Wong, the subject of a widely circulated Reuters photograph that showed him in despair as Wang Fuk Court burned behind him with his wife trapped inside, ripped out foam boards covering his windows and replaced them with fire-retardant plastic film, his son told Reuters.

Wong also regularly sprayed water onto the mesh outside his flat to keep it moist, said his son, J Wong, who like his father declined to give his full name.

“Despite knowing the risks, no matter what he did, he couldn’t change what happened,” J Wong said. – Rappler.com

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Japan-Based Bitcoin Treasury Company Metaplanet Completes $1.4 Billion IPO! Will It Buy Bitcoin? Here Are the Details

Japan-Based Bitcoin Treasury Company Metaplanet Completes $1.4 Billion IPO! Will It Buy Bitcoin? Here Are the Details

The post Japan-Based Bitcoin Treasury Company Metaplanet Completes $1.4 Billion IPO! Will It Buy Bitcoin? Here Are the Details appeared on BitcoinEthereumNews.com. Japan-based Bitcoin treasury company Metaplanet announced today that it has successfully completed its public offering process. Metaplanet Grows Bitcoin Treasury with $1.4 Billion IPO The company’s CEO, Simon Gerovich, stated in a post on the X platform that a large number of institutional investors participated in the process. Among the investors, mutual funds, sovereign wealth funds, and hedge funds were notable. According to Gerovich, approximately 100 institutional investors participated in roadshows held prior to the IPO. Ultimately, over 70 investors participated in Metaplanet’s capital raising. Previously disclosed information indicated that the company had raised approximately $1.4 billion through the IPO. This funding will accelerate Metaplanet’s growth plans and, in particular, allow the company to increase its balance sheet Bitcoin holdings. Gerovich emphasized that this step will propel Metaplanet to its next stage of development and strengthen the company’s global Bitcoin strategy. Metaplanet has recently become one of the leading companies in Japan in promoting digital asset adoption. The company has previously stated that it views Bitcoin as a long-term store of value. This large-scale IPO is considered a significant step in not only strengthening Metaplanet’s capital but also consolidating Japan’s role in the global crypto finance market. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/japan-based-bitcoin-treasury-company-metaplanet-completes-1-4-billion-ipo-will-it-buy-bitcoin-here-are-the-details/
Share
BitcoinEthereumNews2025/09/18 08:42
SHIB Created Overnight Millionaires: Don’t Miss MoonBull Now, the Top Crypto Presale of 2025

SHIB Created Overnight Millionaires: Don’t Miss MoonBull Now, the Top Crypto Presale of 2025

Top crypto presale searches are exploding again as traders hunt for the next runaway hit.SHIB shook the market with wild price swings and overnight meme-fuelled headlines.Millions watched it break resistance like a cat chasing laser lights.But today’s market is shifting toward structured meme ecosystems with real token mechanics.SHIB still moves, but its major upside window already passed for many late entrants.MoonBull is now turning heads as the second chance everyone hoped for. MoonBull presale momentum has been growing faster than a penguin sliding downhill on fresh ice. Its rollout feels like a rare shot for anyone who missed SHIB’s early chaos or DOGE’s legendary liftoff. The presale is already attracting students, analysts, developers, and traders across North America who see how its tokenomics mix structure with meme culture. While SHIB offered early believers a rocket ride, MoonBull presale provides something investors crave in 2025: a fair entry, transparent mechanics, and a price curve designed to reward early movers before the crowd shows up with peanuts in hand. SHIB: The Original Meme Rocket Still Holds Cultural Power SHIB earned its place in crypto folklore. It delivered incredible returns to early holders who jumped in when the price looked like tiny crumbs on the chart. But like a hippo trying to dance on ice, SHIB’s late-stage volatility made it difficult for new investors to find stable footing. Its community remains active, and major exchange listings added legitimacy, yet the explosive 1000x window has cooled over time. SHIB still moves on major announcements, influencer buzz, and ecosystem upgrades, but the odds of repeating its original breakout scale have narrowed. This is why many SHIB fans are exploring MoonBull as their next opportunity. SHIB Created Overnight Millionaires: Don’t Miss MoonBull Now, the Top Crypto Presale of 2025 4 MoonBull ($MOBU) Presale: The Most Exciting Top Crypto Presale Opportunity Right Now MoonBull is rapidly becoming the center of attention for investors scanning the market for the next top crypto presale particularly those who watched SHIB soar and wished they had entered earlier. Its presale is live and advancing through a structured 23-stage progression, where every completed stage increases the price and heightens scarcity. Stage 6 remains one of the most attractive entry windows at $0.00008388, giving early backers access before higher stages push valuations upward. With more than $640K secured and over 2100 holders already onboard, MoonBull continues demonstrating real traction and expanding momentum. A $50,000 allocation at Stage 6 showcases the scale of potential gains. At the current price, this amount yields approximately 596 million tokens. Should the projected listing value of $0.00616 materialize, those tokens would approach a valuation of nearly $3.67 million. Figures like these explain why MoonBull is frequently described as a “second chance” or a “1000x contender” within community circles. Its design merges meme appeal with structural features including burns, reflections, liquidity support, staking incentives, and governance utility. Altogether, MoonBull aims to transform those who missed earlier crypto explosions into early beneficiaries of the next major market cycle. SHIB Created Overnight Millionaires: Don’t Miss MoonBull Now, the Top Crypto Presale of 2025 5 Conclusion Based on our research and market trends, MoonBull stands out as the top crypto presale capturing attention across the United States, Canada, and Mexico. SHIB proved what meme communities can achieve, but its biggest run already happened. MoonBull offers something different: a structured path, rising stages, strong tokenomics, staking, governance, burns, and early pricing that gives regular investors a realistic chance for life-changing upside. With Stage 6 still open, the window to enter before demand skyrockets is shrinking quickly. Anyone searching for their “second chance” in crypto will likely find MoonBull at the center of conversations. SHIB Created Overnight Millionaires: Don’t Miss MoonBull Now, the Top Crypto Presale of 2025 6 For More Information: Website: Visit the Official MOBU Website  Telegram: Join the MOBU Telegram Channel Twitter: Follow MOBU ON X (Formerly Twitter) Frequently Asked Questions for Top Crypto Presale How to find meme coin presale? Meme coin presales appear on official project sites, launchpads, and verified crypto communities. Always check audits, tokenomics, liquidity lock details, and smart contract transparency before contributing. What is the best crypto presale to invest in 2025? Investors favor presales with clear tokenomics, rising stage pricing, strong communities, and deflationary systems. MoonBull currently leads due to its structure, scarcity model, and early entry advantage. Does MoonBull have long-term utility beyond the presale? MoonBull includes burns, reflections, staking, governance, and liquidity systems that support long-term growth. These mechanics help stabilize price action and reward holders over time. Which meme coin will explode in 2025? Analysts expect structured meme tokens with strong tokenomics to dominate. MoonBull is gaining attention because it blends narrative power with measurable mechanics that support growth. Do meme coins have presales? Many meme coins offer presales, but quality varies. Structured presales like MoonBull’s 23-stage model provide better transparency and more predictable price progression. Glossary of Key Terms Meme Coin:A cryptocurrency built around internet culture, humor, or viral trends. While often community-driven, strong meme coins combine entertainment value with real token utility and long-term mechanics. Presale:An early investment phase where tokens are sold before public listing. Prices usually increase in stages, giving early buyers a significant cost advantage and stronger upside potential. Liquidity Lock:A security measure that locks liquidity pool funds for a set period. This prevents developers from withdrawing liquidity and helps stabilize market confidence. Reflections:A passive reward system that distributes a portion of each transaction to token holders. The goal is to encourage holding and create long-term sustainability. Burn Mechanism:A deflationary feature that permanently removes tokens from circulation. Reduced supply increases scarcity and can support price growth over time. APY (Annual Percentage Yield):A measure of yearly return earned on staked tokens. Higher APY rates like MoonBull’s 95% can significantly increase token holdings over time. Governance:A system allowing token holders to vote on project decisions, proposals, burns, campaigns, and strategic changes. More tokens equal more voting power. Article Summary  MoonBull emerges as the top crypto presale for investors searching for their next major opportunity after missing SHIB’s early surge. With 23 rising stages, burns, reflections, staking, governance, and strong transparency, MoonBull offers a structured path to potential exponential returns. SHIB retains cultural impact but presents limited upside compared to its early history. MoonBull’s Stage 6 pricing delivers rare entry potential, especially with projections showing massive upside at listing. For traders seeking second-chance momentum with real mechanics behind it, MoonBull presents one of the strongest setups in the 2025 market cycle. Disclaimer This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research before investing in any cryptocurrency or presale project. Read More: SHIB Created Overnight Millionaires: Don’t Miss MoonBull Now, the Top Crypto Presale of 2025">SHIB Created Overnight Millionaires: Don’t Miss MoonBull Now, the Top Crypto Presale of 2025
Share
Coinstats2025/12/07 08:15
Bitmine Buys $199M ETH as Smart Money Traders Short ETH

Bitmine Buys $199M ETH as Smart Money Traders Short ETH

The post Bitmine Buys $199M ETH as Smart Money Traders Short ETH appeared on BitcoinEthereumNews.com. BitMine Immersion Technologies, the world’s largest corporate Ether holder, continues buying the dip, despite the industry’s most successful traders betting on Ethereum’s price fall. BitMine acquired $199 million worth of Ether (ETH) during the past two days, through a $68 million ETH acquisition on Saturday and another $130.7 million buy on Friday, according to blockchain data platform Lookonchain. With the latest investments, BitMine now holds $11.3 billion, or 3.08%, of the total Ether supply, closing in on its 5% accumulation target, according to data from the StrategicEthReserve. BitMine’s continued accumulations are a strong sign of conviction in Ether’s long-term growth potential. The company holds an additional $882 million in cash reserves, which may be used for more Ether accumulation. Largest corporate Ether holders. Source: Strategicethreserve.xyz Related: Ethereum ICO whale cashes out $60M after 9,500x gain as top 1% keep buying ETH BitMine’s investment comes amid a significant slowdown in digital asset treasury (DAT) activity, which saw corporate Ether acquisitions fall 81% in three months, from 1.97 million Ether in August to 370,000 in net ETH acquired in November. Despite the slowdown, BitMine accumulated the lion’s share, or 679,000 Ether worth $2.13 billion during the past month. Related: Bitcoin now settles Visa-scale volumes, but most is for wholesale, not coffee Smart money traders are betting on Ether’s price decline The crypto industry’s best-performing traders by returns, who are tracked as “smart money” traders on Nansen’s blockchain intelligence platform, are betting on the short-term depreciation of Ether’s price. Smart money traders top perpetual futures positions on Hyperliquid. Source: Nansen Smart money traders added $2.8 million in short positions over the past 24 hours, as the cohort was net short on Ether, with a cumulative short position of $21 million, according to Nansen. Ethereum exchange-traded funds (ETFs), a significant driver of liquidity for Ether,…
Share
BitcoinEthereumNews2025/12/07 08:53