Page 11 - Urban Renewal Authority 2023-24 Annual Report

The URA has started preparing mitigating measures to address the potential cashflow shortage since it was first Chairman’s Statement
anticipated two years ago. Last year, the Financial Secretary increased the URA’s borrowing limit from HK$6
billion to HK$25 billion. In April this year, Standard & Poor’s affirmed URA’s rating as “AA+” with a “stable”
outlook, enhancing our creditworthiness in the market. The URA has completed update on Medium Term Note
Programme which was subsequently listed on the Hong Kong Stock Exchange at the end of June 2024. This
facilitates the upcoming multi-currency bond issuances for the fiscal year 2024/25. Concurrently, banking facilities
via syndicated loans will also be considered to support the accelerated pace of urban renewal.
The long-term sustainability of our urban renewal efforts hinges on both financial and land resources. Embracing Managing Director’s Statement
the principle of “making the best use of land resources and maximising development potential”, Government
lands and sites of community facilities will be incorporated into our development schemes and projects to unlock
their development potential and achieve greater planning gains. Moreover, the URA will continue to deploy new
planning tools and adopt the “Single Site, Multiple Use” model across additional projects in the old districts.
This includes the Master Urban Renewal Concept Plans developed for the Sham Shui Po District Study and the
Tsuen Wan District Study to bolster the technical and financial viability of urban renewal initiatives.
The Planning and Project Reserves established several years ago are measures we devised to help the URA
navigate the changing market environment. These reserves cover redevelopment projects of different scales,
enabling the URA to strategically launch the most suitable initiatives based on its cash flow status. Operating Review

Unwavering Dedication to Sustain Urban Renewal

Throughout the past year, the URA team has surmounted numerous challenges to take forward urban renewal
efforts in an orderly manner. I would like to extend my gratitude to the Government for its steadfast support and
recognition of the URA’s work, the invaluable professional guidance provided by Members of the Board, and the
tireless efforts of every member of the team. Corporate Sustainability

Presenting the Chairman’s Award to one of the URA staff teams for their tireless effort and Management Discussion and Analysis
outstanding performance in the project of eResidence Tower 3.

The external environment is anticipated to continue to be uncertain and volatile in the upcoming year. The URA
will adjust its strategies on a timely basis to tackle the challenges arising from the evolving market conditions. Projects at a Glance
Upholding the principle of “making the best and full use of resources”, the URA is dedicated to sustaining the
momentum of urban renewal with the goal of enhancing the overall built environment and fostering quality living
in the older districts for the benefit of the community.

CHOW Chung-kong, GBM, GBS, JP
Chairman
31 July 2024 Corporate Governance

URA ANNUAL REPORT 2023-24 9