URA posts HK$338 million operating surplus after three years of losses
Hong Kong’s Urban Renewal Authority (URA) has recorded an operating surplus of HK$338 million (US$43.3 million) for the 2025-26 financial year, after reporting three straight years of losses. At a banquet on Friday to mark the statutory body’s 25th anniversary, chairman Chow Chung-kong announced that the URA had returned to profit in the 2025-26 financial year, recording an operating surplus to…
Hong Kong’s Urban Renewal Authority (URA) has posted an operating surplus of HK$338 million (US$43.3 million) for the 2025-26 financial year, marking its return to profit after three consecutive years of losses. Speaking at a banquet on Friday to celebrate the authority’s 25th anniversary, chairman Chow Chung-kong announced the surplus, which will be used to fund ongoing urban renewal initiatives.
This followed earlier losses in 2022-23 and 2023-24 totaling HK$3.5 billion and HK$3.9 billion respectively. Earlier this year, the URA raised HK$8 billion by selling bonds to support capital expenditure and new projects. Despite a volatile external environment and property market fluctuations, the authority adopted "flexible strategies" to achieve its operational targets, though specific details were not provided.
The authority aims to accelerate preparations for a "Smart Tender" scheme to enhance support for property owners hiring engineering consultants and contractors. Chief Executive John Lee Ka-chiu praised the URA for its innovative approach and its collaboration with the government and stakeholders to improve urban living and build a better Hong Kong.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
