URA celebrates silver jubilee with returned profitability and new growth strategies

The Urban Renewal Authority (URA) celebrated its 25th anniversary with a silver jubilee ceremony, highlighting its long-term contributions to Hong Kong’s landscape. 

Since its establishment in 2001, the authority has maintained a people-centric approach to local development. 

Over the past 25 years, it has launched 80 redevelopment and preservation projects, reconstructed more than 1,700 dilapidated buildings, and supplied over 37,000 new residential units. 

Chief Executive John Lee Ka-chiu expressed deep gratitude to the leadership and staff of the authority for their dedicated efforts. 

He emphasized that continuous adaptation and breaking through traditional boundaries are essential attitudes for successful urban development.

Bouncing back to profitability

Despite facing a highly volatile external economic environment and fluctuations in the property market, Urban Renewal Authority Chairman Chow Chung-kong highlighted that the authority successfully navigated financial challenges by employing flexible strategies and carefully managing its resources. 

Through these active measures, the organization successfully turned its financial performance around during the 2025/26 fiscal year, securing an operating surplus of HK$338 million and establishing a solid financial foundation for future projects.

One of the key priorities moving forward under the leadership of Chairman Chow and Managing Director Donald Choi Wun-hing will be the preparation of an enhanced tender service. 

The initiative is designed to provide property owners with better support when hiring engineering consultants and building contractors. The authority is currently finalizing the specific measures and implementation details with the government.

Innovation and collaboration for future challenges

Looking ahead, both Chow and Choi stressed that resolving the dual challenges of rapidly aging building infrastructure and a graying population requires a unified effort from the government, business sector, professional fields, and local communities to keep the organization sustainable. 

Choi extended his heartfelt thanks to all colleagues and external partners, noting that their professionalism, resilience, and creativity remain the cornerstone of the city's urban renewal success.

Lee noted that the government is currently reviewing the authority's overall financial and operational models, including acquisition policies and strategic plans for older districts. 

Additionally, the government has launched three new initiatives using newly developed land to boost market incentives and accelerate the pace of urban renewal. 

Leaders from the authority expressed their gratitude to the government and staff, reiterating their commitment to protecting local cultural heritage and community spirit while building a more resilient Hong Kong.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓