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…
The Urban Renewal Authority (URA) in Hong Kong reported an operating surplus of HK$338 million (US$43.3 million) for the 2025-26 financial year, marking its first profit since 2022-23. This comes after three consecutive years of losses. Chairman Chow Chung-kong made the announcement at the URA's 25th anniversary banquet. The surplus was used to fund ongoing urban renewal initiatives, despite the body facing volatile external conditions and property market fluctuations.
Earlier this year, URA raised HK$8 billion by issuing bonds to finance capital expenditure and new projects. The authority aims to accelerate preparations for a "Smart Tender" scheme to strengthen support for property owners hiring engineering consultants and contractors. Chief Executive John Lee Ka-chiu highlighted the government's collaboration with the URA to review the statutory body's financial and operating model.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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