Wednesday, July 30, 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   
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