{
  "id": 12849179,
  "title": "Push for mandatory upkeep fund amid building crisis",
  "url": "https://urgent.news/2026/10/08/push-for-mandatory-upkeep-fund-amid-building-crisis",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-08T10:29:19.000Z",
  "source": {
    "name": "RTHK English",
    "slug": "rthk-english",
    "url": "https://news.rthk.hk/rthk/en/component/k2/1873179-20261008.htm"
  },
  "original_language": "en",
  "account": "A property management group has urged the government to establish a statutory building maintenance fund to alleviate the financial burden on property owners, according to a report. Hong Kong Institute of Housing president Rosita Wong highlighted that as more buildings in the city become aging, the fund would enable better-planned and more affordable maintenance work. Wong stated that the fund could be utilized for maintenance and repair works, with property owners required to establish and contribute to it regularly, typically as a proportion of the monthly management fee. Wong expressed optimism that the fund could gain legal standing as soon as possible, as Hong Kong's buildings face an aging crisis with more than 24,000 buildings aged 50 years or above by 2043. She emphasized that a mandatory maintenance fund would shift building maintenance from a reactive crisis-driven model to a proactive, sustainable one, reducing individual owners' financial burdens, enhancing building safety outcomes, and ultimately decreasing the burden on public finance. Wong also welcomed the creation of a pre-approved list of contractors and consultants for major building renovations, noting that the system's effectiveness would depend on sustained enforcement, continuous monitoring, and owners' willingness to use the smart tender system instead of procuring independently. Wong supported government efforts to explore the possibility of criminalizing bid-rigging in major building maintenance works and submit a legislative proposal for that purpose this year.",
  "summary": "A property management group called on the government to create a statutory building maintenance fund to reduce the financial pressure on property owners on Thursday. Hong Kong Institute of Housing president Rosita Wong said that as more buildings in the city are ageing, the fund could make maintenance work be better planned and more affordable. It could be used for building maintenance and repair…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "RTHK News",
        "title": "Push for mandatory upkeep fund amid building crisis",
        "url": "https://urgent.news/2026/10/08/push-for-mandatory-upkeep-fund-amid-building-crisis-12850254",
        "published": "2026-10-08T10:29:19.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}