Page 56 - URA Annual Report 2020-21

CORPORATE SUSTAINABILITY
Just when I thought about closing the restaurant, URA offered us rent relief in a timely manner.
James YEUNG Ying-pong
Co-founder of Ahimsa Buffet, tenant of URA's H18 Project
Driving Our Economy
The URA endeavours to revitalise the urban neighbourhood through strengthening the economic, social and environmental fabrics for the benefit of the community. Through a process of careful planning for sustainable urban renewal, we create space for business and job opportunities while bringing re-composition of the social landscape.
Rent Relief Measures under COVID-19
In line with the extension of rent relief measures announced by the Government to combat the impact of COVID-19 and support small enterprises, the URA has extended the rent relief measures for its tenants to September 2021 and helped tide 870 residential and commercial tenants over the difficult time, involving over $120 million in total. Subject to the pandemic situation and its impact on the tenants in our projects, the URA will review the need for further extension of the relief measures, if necessary, to help sustain the tenants’ businesses.
Preserving Local Economic Activities
Conscientious efforts are made to ensure local businesses continue to thrive in the process of urban renewal. Similar to URA’s Prince Edward Road West Revitalisation Project, the 618 Shanghai Street which opened in 2019 showcases how the overall physical environment can be improved to cultivate a place where old meets new while espousing economic vibrancy for the local community.
In 2020/21, the Yue Man Lane, the retail space in part of the new shopping mall named Yue Man Square specially reserved for former stall operators in the Development Areas 4 and 5 of the Kwun Tong Town Centre Project, attracted 15 former operators to return. These relocated businesses cover a variety of goods and services, ranging from Chinese-style desserts, medicines, electrical appliances to furniture and interior design services, just to name a few. With relocation and business resumption assistance provided by the URA, these stall operators have also seized the opportunity to transform and expand their business to meet new market environment. On the ‘B1’ level of Yue Man Square, a brand-new Yue Man Hawker Bazaar was also opened in April 2021 housing a hundred licensed fixed-pitch hawkers formerly stationed at temporary hawker bazaars in the project. The Yue Man Lane and Yue Man Hawker
Bazaar together have formed a new hub for retaining local characteristics and street culture of Kwun Tong while maintaining neighbourhood connections.
Former stall operators have relocated their businesses to the new Yue Man Lane and Yue Man Hawker Bazaar attracting new customers.
52 URA ANNUAL REPORT 2020-21