URA will have to survive on loans 'for a long time'URA will have to survive on loans 'for a long time'The Urban Renewal Authority's managing director on Saturday said the body will have to operate on borrowed money for a long time, as fluctuations in the flat market have affected its income. Speaking on an RTHK programme, Wai Chi-sing said the unsuccessful tendering of a project in Kwun Tong had also affected its finances. "We won't have enough money, so the URA will need to undergo a loan period. Under the allowance policy, the URA chief said around HK$400 or HK$500 billion was used to compensate flat owners affected by the Yau Ma Tei-Mong Kok redevelopment. He said the money could have been used on the mega reclamation project off Lantau to facilitate urban renewal.

Source: Daily Nation May 27, 2023 18:43 UTC