The Hong Kong Urban Renewal Authority (URA) has announced a review of its current compensation policy regarding property owners impacted by redevelopment projects. Analysts suggest a revised approach should prioritize building condition assessment, with the goal of incentivizing proactive maintenance. The URA is facing financial difficulties due to three consecutive years of deficits. The review will examine the acquisition process and assess the long-term impact on affected residents. The objective is to establish a more equitable and sustainable system for addressing the challenges posed by the ongoing renewal program.
Credits: News – South China Morning Post
