Key facts
- Hong Kong's Urban Renewal Authority (URA) reported an operating surplus of HK$338 million.
- The fiscal year for the reported surplus ended on March 31.
- This surplus follows three consecutive years of losses for the URA.
- The financial turnaround is attributed to increased revenue from property sales.
- Reduced expenses also contributed to the operating surplus.
Hong Kong's Urban Renewal Authority (URA) has announced an operating surplus of HK$338 million for the fiscal year that concluded on March 31. This marks a significant financial recovery, as it follows three consecutive years during which the authority incurred losses. The return to profitability is primarily attributed to an increase in revenue generated from property sales. Additionally, the URA has successfully reduced its operational expenses, contributing to the improved financial standing. This positive financial performance enables the URA to sustain its ongoing efforts in urban redevelopment and the enhancement of community facilities and services across Hong Kong. The authority's mission involves revitalizing older urban areas and improving the living conditions for residents through various redevelopment and rehabilitation projects.