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Welcome remarks by URA Chairman, Mr Victor So, at the URA 15th Anniversary Cocktail Reception

It is my great pleasure to welcome you all to this memorable event that we are now 15 years old.

And this morning and afternoon, we did have a very successful international conference with international speakers from Singapore, the Mainland, Russia, Japan and the US. We learned a lot from this and that's why I hope the innovative ideas will be further ingrained in the minds of all our colleagues who have been very helpful in making this event possible.

Time is flying. Fifteen years is not too long. And in fact with our predecessor, the LDC (Land Development Corporation), and also the cooperation of the private sector, we have been fighting this urban decay for more than 30 years. As you can see from the video, we seem to have made some achievements, but the road is still very long for us, given the current political and economic climate. There are still a lot of works for us to do. But as a forward and dynamic looking organisation, as I said earlier, which I copy from the first Corporate Plan of the URA because it mandated or it asked us to be forward looking and dynamic, and we got to be like that, going forward.

I must thank all the past Chairmen, some of them are present here tonight, like (former Board members) Maria (Tam) and Peggy (Lam). And also the past Board members together with our dedicated team of staff in the URA, they have made URA a success today. With this solid foundation, I firmly believe we can take urban renewal forward and now I have to conclude my remarks and leave the floor for Paul to come here to say a few words.

Thank you.

(Please also refer to the Chinese portion of the remarks.)