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The URA welcomes approval of the Corporate Plan

The Urban Renewal Authority (URA) today (28 March 2002) welcomes the approval of the five-year Corporate Plan and first-year Business Plan by the Financial Secretary.

Expressing appreciation for the support given by the Government, the Chairman of the URA, Dr Lau Wah-sum said: "The URA will take forward the implementation of its Business Plan and the Corporate Plan in phases at full speed upon the endorsement of the funding arrangement by the Finance Committee of the Legislative Council. "

Prior to the Financial Secretary's approval, the Authority has implemented three early launch projects in Sham Shui Po, Tai Kok Tsui and Wan Chai at an acquisition cost of about $1 billion. Purchase offer letters have been sent to the owners affected by these three projects today. Total project costs are about $ 2.6 billion.

The investment in the three projects, together with the knock on effect in the districts, will bring about overall economic benefits and increase in employment opportunities.

"The Authority is committed to implementing its massive urban renewal programme through a combination of redevelopment, revitalisation, rehabilitation and preservation. This will enhance the living environment and quality of life for the people of Hong Kong, bringing socio-economic benefits to the community" Dr Lau added.