Friday, July 25, 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:
Pro-Beijing group files complaints over donation by Jimmy Lai (07-24 15:28)
Group files donation complaint to ICAC (07-24 15:16)
Cheap flats come with high management fees (07-24 15:07)
Michael Suen testifies at Hui's trial (07-24 15:06)
Views over rent controls (07-24 15:05)
Talks begin between pan-democrats, CS (07-23 17:31)
Completion of M+ museum likely to be delayed (07-23 15:36)
380k signatures against Occupy Central so far (07-23 15:04)
Kwun Tong Line services return to normal (07-23 14:01)
Flights between HK and Taiwan disrupted (07-23 13:55)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.