Thursday, November 27, 2014   

URA in the red
(06-17 19:18)

The Urban Renewal Authority has gone into the red for the first time in five years.
The government statutory body has been criticized for colluding with big property developers to make fat profits.
The Authority has recorded a loss of HK$2.3 billion for the previous fiscal year.
Its chairman Victor So said its finances had been adversely affected by delays in two redevelopment projects - one in Sham Shui Po and the other in Kwun Tong.
He said the Authority would target larger projects in an attempt to benefit from economies of scale.
He said the authority would also consider redeveloping non-residential areas.
But critics have said that the statutory body is solely driven by profit while reneging on its social mission which is to help homeowners in dilapidated buildings. --RTHK   
Other Hong Kong breaking news:
Arrested cops released on bail (2 hrs 58 mins ago)
CLP scales back predicted tariff rate increase (11-27 17:13)
Pan-dems flay use of police for 'political ends' (11-27 17:11)
Egg thrown at Joshua Wong (11-27 17:09)
Mongkok shops see dip in business (11-27 17:06)
Fillibustering not helpful: govt (11-27 14:50)
Joshua Wong banned from Mong Kok areas (11-27 14:38)
Police not used as political tool:Starry Lee (11-27 14:37)
Police get 13 compliants over Mong Kok action (11-27 14:37)
Police slams attempts to occupy Portland Street (11-26 18:04)

More breaking news >>

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