Hong Kong’s Urban Renewal Authority ready to build subsidised flats, but needs land to move faster, chairman says
- URA considering new approaches to meet target of building 18,000 flats in five years as Beijing pushes for elimination of subdivided homes
- Having enough land will help remove hurdle of ‘seven-year price’ for compensating owners
Hong Kong’s Urban Renewal Authority needs more land, not money, from the government to do a better job of boosting the city’s housing supply, according to chairman Chow Chung-kong.
Having the necessary land would free the statutory body to build homes and relocate residents without first having to pay hefty compensation to acquire buildings, he said in an interview with the Post.
The URA was also exploring new ideas for future projects, Chow said, including transferring plot ratios – which determine the built-up area on a site – between locations, enabling it to build more homes in prime spots and improve planning when redeveloping urban neighbourhoods.
Set up in 2001 to push urban renewal projects and promote building maintenance and conservation of heritage sites, the URA’s contribution to housing supply has dropped in recent years to just a few hundred new flats annually for the private sector.
But Beijing’s recent directive that Hong Kong eliminate tiny, undesirable subdivided flats in old buildings by 2049 has drawn attention to the role of the URA as a private housing provider.
“Our major purpose is to slow down urban decay. That’s how we look at our responsibility,” Chow said.
