URA's new chief says cash flow tight in near term, no layoff plans

Newly-appointed Urban Renewal Authority managing director Donald Choi Wun-hing said the authority faces short-term cash flow pressure but maintains a healthy financial position, with HK$43.6 billion in net assets as of end-March, including around HK$20 billion in cash.

Despite recording a deficit for a third consecutive year, Choi said the URA remains financially sound and has various financing options. 

He noted that the government’s earlier decision to grant two plots of land at a nominal premium through private agreements has strengthened the authority’s ability to raise funds.

The URA has frozen salaries for the current fiscal year. Choi added there are no plans for layoffs and that the agency will leverage technology to improve operational efficiency.

STAFF REPORTER