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URA welcomes Government's financial support

The Urban Renewal Authority (URA) today welcomes the financial support given by the Government to facilitate the implementation of its urban renewal programme.

The decision of the Chief Executive in Council to approve in principle the granting of land sites to the URA at nominal premium for its new projects and rehousing needs will definitely enhance the financial viability of URA's projects.

This shows the commitment and determination of the Government to speed up the pace of urban renewal.

"Upon the approval of the Finance Committee of the Legislative Council on the injection of $10 billion into the URA, the Authority will take forward as swiftly as possible the urban renewal programme outlined in our first-year Business Plan and the five-year Corporate Plan," said Chairman of the Authority, Dr Lau Wah-sum.

"It is the objective of the URA that its urban renewal programme should be self-financing in the long term. We must strike a balance between the interests of the affected people and financial viability", Dr Lau added.

Through a combination of redevelopment, revitalisation, rehabilitation and preservation in the implementation of its urban renewal programme, the Authority is committed to creating a quality and vibrant urban living environment in Hong Kong--- a better home in a world-class city.

The quality of life for Hong Kong people will be greatly improved while at the same time bringing substantial socio-economic benefits to the overall community.