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<HK Home>HK URA Expects to Complete Review of Property Acquisition Price Indicators Next Yr, Emphasizes Financial Stability
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The Urban Renewal Authority of Hong Kong (URA) currently uses the acquisition price reference of the property prices in the same district over the past 7 years. Donald Choi, Managing Director of the URA, said at a media gathering that, taking the earlier acquisitions on Queen's Road West or Ming Lun Street as examples, the acquisition price per square foot based on saleable area was approx. two times higher than market valuations, which means the more acquisitions, the greater the loss. The URA had previously proposed reviewing the relevant indicators, and Choi expected the review to be completed next year, followed by public consultation. However, since it takes time to improve the acquisition price indicators, acquisition projects already scheduled will continue without suspension. Chairman Chow Chung-kong said that the authority's total liquid funds remain at $21.2 billion, with a net asset value of $43.6 billion, emphasizing that the financial situation remains stable and the six ongoing redevelopment projects will continue. AASTOCKS Financial News Website: www.aastocks.com |
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