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Responses by URA to 2022 Policy Address

In response to the announcement made by the Chief Executive in the 2022 Policy Address today (19 October 2022) on the new initiative to uplift the borrowing limit of the Urban Renewal Authority (URA) in the forthcoming years by phases, with regard to its financial situation and the market environment, a spokesperson for the URA said the URA welcomes the new initiative that will enable the URA to increase its financial resources to press ahead renewal works in old districts, thereby promoting Hong Kong’s sustainable urban renewal.

The spokesman said that in the advent of cash shortfall, the URA will commence necessary preparation works for seeking external financing, which include the submission of proposal of the URA’s borrowing limit in its draft 5-Year Corporate Plan to the Financial Secretary by the end of 2022.

Meanwhile, the URA will take heed of the recent fluctuations in the financial market and rising interest rates, which in turn will have negative impact on its upcoming fundraising exercise.  The URA will examine the financing strategy as recommended by the financial advisor previously engaged, and review the latest financial market environment, to determine the appropriate channel(s), timing and scope to raise fund, in connection with the timing for the launch and the scale of future redevelopment projects.