Core Viewpoint - The tragic fire at Hong Kong's Hong Fu Court serves as a severe warning for the mainland real estate market, highlighting potential common issues and risks associated with aging high-rise buildings [1][11]. Group 1: Fire Incident and Causes - The fire was exacerbated by the use of polyurethane foam, which acted as a rapid fire spreader, indicating significant safety vulnerabilities in older high-rise buildings [1][10]. - Many residents reported that their windows were glued shut with foam, creating a major safety hazard during the fire [4]. Group 2: Aging High-Rise Issues - A large number of high-rise residential buildings in mainland China, constructed between the 1990s and 2010s, are now facing similar aging issues, including deteriorating exterior insulation, waterproofing failures, and structural problems [3][6]. - The reliance on inexpensive and quick fixes, such as foam, instead of comprehensive repairs, reflects a broader trend of prioritizing cost over safety in building maintenance [3][6]. Group 3: Material Concerns - The use of foam boards, particularly EPS (expanded polystyrene), in exterior insulation poses significant fire risks, especially when exposed to flames during renovations or maintenance [10]. - Although rock wool boards, introduced as a safer alternative, have been adopted since 2017, compliance with safety standards remains questionable, and many buildings still utilize older materials [7][8]. Group 4: Systemic Issues in Property Management - Property management often opts for superficial repairs rather than thorough maintenance, leading to a reliance on foam as a temporary solution for persistent issues [6]. - The misallocation of maintenance funds and the lack of financial resources hinder the ability to address the systemic problems associated with aging high-rises [6][11]. Group 5: Future Implications - The ongoing safety issues in aging high-rise buildings will persist unless addressed, with the Hong Fu Court incident potentially being just the beginning of a larger trend if no action is taken [11].