Press here to Skip to the main content
Font Size
Default Font Size Larger Font Size Largest Font Size RSS Subscription Advanced Search Sitemap Mobile/Accessible Version 繁體 简体

Gov't refutes URA allegation

March 31, 2015

The Government refutes the allegation that it is exerting pressure on the Urban Renewal Authority regarding its financial position in a statement issued in response to media enquiries, and adds that is supports the authority financially through capital injection, loans and land premium waivers.

 

It said at end of 2014, the authority had an accumulated surplus of about $14 billion (unaudited), while the audited accounts showed an accumulated surplus of $13.9 billion and a net asset value of $23.9 billion up to March 31, 2014, reflecting an improved financial position.

 

The URA is a statutory body established under the law which sets out the purposes for which it was established and its directions in implementing urban renewal. Under the law, it must exercise due care and diligence in handling its finances, the statement said.

 

It added that as a statutory organisation supported by public funds, the authority must meet public expectations. 



Top
three-runway system