URA marks 25 years with profit rebound
Thestandard · 1 SOURCESabout 1 hour ago2 MIN
Summary
The Urban Renewal Authority celebrated its silver jubilee, marking 25 years since its establishment in 2001 and underscoring its people-centric approach to urban development in Hong Kong. At the ceremony, the authority said it had launched 80 redevelopment and preservation projects, rebuilt more than 1,700 dilapidated buildings, and supplied over 37,000 new residential units over the past 25 years. Chief Executive John Lee Ka-chiu thanked the URA's leadership and staff for their efforts, while stressing that successful urban development requires constant adaptation and a willingness to break with traditional boundaries. URA chairman Chow Chung-kong said the body had weathered a volatile external economy and property-market swings, returning to an operating surplus of HK$338 million in the 2025/26 fiscal year
Key Points
- The URA held a silver jubilee ceremony to celebrate its 25th anniversary, tracing its work back to its establishment in 2001
- Over 25 years, the authority launched 80 redevelopment and preservation projects and reconstructed more than 1,700 dilapidated buildings
- Those projects helped supply more than 37,000 new residential units, adding to Hong Kong's housing stock through urban renewal work
- John Lee Ka-chiu praised URA staff and said urban development must keep adapting and move beyond traditional boundaries to succeed
- Chairman Chow Chung-kong and Managing Director Donald Choi Wun-hing said an enhanced tender service is being finalized with the government
Why It Matters
The URA's return to profitability gives it a firmer financial base for future renewal projects at a time when aging buildings and an aging population are putting pressure on Hong Kong's older districts. Its planned tender support service could also reshape how owners engage consultants and contractors, affecting the pace and execution of redevelopment work