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URA welcomes support given by Finance Committee

The Urban Renewal Authority (URA) today (21 June 2002) welcomed the approval of the Finance Committee of the Legislative Council on the injection of $10 billion into the Authority for implementing its redevelopment projects.

Expressing appreciation for the support given by the Legislative Council and the Government, Dr Lau Wah-sum, Chairman of the URA said: "This financial injection is a great contribution to us, enhancing our ability to raise finances to fulfill our Corporate Plan. The Authority is committed to implementing projects outlined in its Corporate and Business Plans in phases and in an expeditious way within the available resources."

"It is the objective of the URA to be self-financing in its urban renewal programme in the long run and we will ensure that all projects are implemented in a cost-effective manner, representing best value for money, " Dr Lau said.

The URA has already started acquisition of properties for its three early launch projects at Wan Chai, Tai Kok Tsui and Sham Shui Po and further projects will be announced later in the year.

The URA strives to bring about significant community benefits through a comprehensive approach of redevelopment, rehabilitation, revitalisation and preservation, strengthening Hong Kong's position as a world-class city.