URA swings to $338m surplus after three years of losses

The authority adjusted strategies as the property market remains volatile.

The Urban Renewal Authority (URA) returned to an operating surplus of $338m in the 2025/26 financial year (FY) after recording net losses for three consecutive years.

URA chairman Chow Chung-kong said at the authority's 25th anniversary celebration that the property market remained volatile and that the authority had adjusted its strategies and managed its resources in response to market conditions.

The URA reported a net deficit of $3.53b in FY 2022/23 and $3.92b in FY 2023/24.

As of the end of FY 2024/25, URA reported a net deficit of $2.72b, comprising an operating deficit of $40m and about $2.68b in impairment provisions linked to the downturn in the property market.

The URA is also preparing an enhanced "Smart Tender" service aimed at providing greater support to property owners.

Chief Executive John Lee Ka-chiu said the government was reviewing the URA's financial and operational models with the authority, including its acquisition policies and arrangements for driving urban renewal.

“I am confident that the URA will continue to advance its work with innovative thinking, working hand-in-hand with the HKSAR Government and stakeholders across various sectors to cultivate an exceptional quality of urban living and collectively build a better Hong Kong,” he said.