Cash-strapped Hong Kong urban renewal body set to reveal proposed payout changes
Hong Kong’s cash-strapped Urban Renewal Authority (URA) will consult the public next year about its preliminary proposal to revamp a financially unsustainable compensation scheme for redevelopment-affected flat owners, a minister has said.
Secretary for Development Bernadette Linn Hon-ho on Friday gave a timeline for reviewing the statutory body’s compensation mechanism, which provides payouts equivalent to the market price of a comparable seven-year-old home in the same district.
Two days...
