Skip to main content

Economy

Special Measures under COVID-19

To help businesses stay afloat and to keep workers in employment amidst the pandemic, the URA offered rent relief to its residential tenants from March to September 2020 and commercial tenants from April to September 2020, involving a total of around $100 million. This measure would benefit over 720 residential and commercial tenants of the URA’s premises, as well as the shop operators of the malls in joint-venture development projects who were in such needs. Additionally, the URA implemented an advance payment scheme to support its contractors and consultancy firms, and expedited the recruitment process of about 100 job vacancies in 2020.

 

 

Preserving Local Economic Activities

The URA has been striving to preserve local economic characteristics and street vibrancy of various districts. Similar to the URA’s Prince Edward Road West revitalisation project, the recently opened Shanghai Street/Argyle Street Project (also known as 618 Shanghai Street) serves to showcase how the overall physical environment could be improved to cultivate a place where old meets new while espousing economic vibrancy for the local community.   For H18 Peel Street/Graham Street Project, tactical measures along with the implementation of the H18 Peel Street/Graham Street Project in order to keep the nearby century-old market intact as well as to enhance vibrancy. The revitalised Graham Market, with the new market block at Site B of H18, has become an iconic spot for local residents to purchase a vast variety of their daily needs. A tailor-made mobile app was developed and launched in December 2019 to provide users with shopping guides and cooking ideas with recipes as a way to promote business of the Graham Market, connect it with the community, thereby enhancing market vibrancy.

 

 

Graham Market

Facilitating Social Enterprises to Thrive

To support local charities, social enterprises and non-governmental organisations, the URA continued to render properties such as rehousing blocks, acquired properties, URA-owned properties and dedicated preserved historic buildings for concessionary tenancy to underpin their daily operations.  In particular, the URA has invited a social enterprise named Dignity Kitchen to operate in 618 Shanghai Street, appreciating their mission of revitalising the lives of the disadvantaged and disabled people through employment and vocational training, and echoing URA’s mandate in revitalising the community in old urban area through urban renewal works.

 

Dignity Kitchen

In 2019/20 financial year:

URA properties leased to non-government organisations and Social Enterprises  5,000m2
URA-managed Government Institutional and Community (GIC) areas for various community purposes 3,890m2