Page 71 - Urban Renewal Authority 2023-24 Annual Report

MANAGEMENT Chairman’s Statement

DISCUSSION

AND ANALYSIS Managing Director’s Statement

The persistently high interest rates, decreasing appetite for property investment
and negative sentiment among homebuyers are casting a shadow over the
economy and property market of Hong Kong. This has created pressure on the
financial prospects of URA and the momentum of our work in urban renewal. In Operating Review
2023/24, only one project of the URA was tendered at a price below acquisition
cost, resulting in a loss and a shrinking cash flow for funding new projects.

While navigating the headwinds of economic uncertainties and

pressing urban decay, the URA is poised to take forward sustainable
urban renewal with innovative solutions and an agile mindset. By Corporate Sustainability
leveraging collaborative efforts — much like the confluence of rivers
symbolising unity and pooling of strengths — the URA strives to

overcome urban renewal complexities in partnership with various
stakeholders including the Government, community members,
professional institutes and private developers.

Apart from creating development capacity and maximising land resource utilisation
through innovative planning concepts, the URA has also worked closely with the
Government in various aspects to help expedite the renewal process. One of the Management Discussion and Analysis
initiatives is to assist the Government in setting up the Support Service Centre for
Minority Owners under Compulsory Sale (SMOCS) to provide assistance to minority
owners who are subject to compulsory sale applications.

On the building rehabilitation front, we joined hands with relevant Government
Departments, professional institutes and trade associations to complete and refine
the trial version of the Guidelines and Templates for preparing the Maintenance
Manual for Residential and Composite Buildings (GTMM), intending to facilitate
owners to devise preventive maintenance plans more effectively. Projects at a Glance

Moving forward, the URA is dedicated to maintaining financial prudence while also
seeking out new funding sources. Through collaboration and innovative ideas, the
URA will fulfil the mission of creating a sustainable and livable urban environment,
ensuring the continued prosperity of our city for generations to come. Corporate Governance

URA ANNUAL REPORT 2023-24 ANNUAL REPORT 2023-24
URA 69