Urban Renewal Authority 2018-19 Annual Report

33 OPERATING REVIEW The URA is mandated under the URA Ordinance (URAO) and the Urban Renewal Strategy (URS) to conduct urban renewal by way of four key business strategies: Redevelopment, Rehabilitation, Heritage pReservation and Revitalisation, known as the “4Rs”. In the face of the rapidly ageing building stocks, the URA has stepped up its work in building rehabilitation with different focuses for buildings of different ages, from promoting preventive maintenance to proposing Retrofitting, the 5 th “R” to furnish old buildings with new and up-to-date features and technology, with an aim to prolong building serviceability for alleviation of redevelopment needs. The URA has also revolutionalised its conventional project-led redevelopment approach in favour of a more holistic planning-led approach. To facilitate sustainable urban renewal, the URA also commenced three strategic studies in 2017 to identify strategies and solutions to take forward urban renewal projects in a more effective and efficient manner, bringing enhanced values to the community. In light of the importance of urban renewal to the sustainable development of Hong Kong, concerted effort of URA and stakeholders is the key to success. To this end, the URA has substantiated its efforts to work closer than ever with different stakeholders and assisted the Government on a number of its initiatives during the year, joining hands to improve the living environment while fostering sustainable development of Hong Kong in the long run.