Govt to boost Operation Building Bright budget

A  further $1 billion for Operation Building Bright is being propsed by Financial Secretary John Tsang.

The proposal was made at the secretary's 2011-12 budget speech.

Secretary for Development, Carrie Lam forecasts that the campaign will eventually provide financial assistance for the repair and maintenance of over 3,000 buildings aged 30 years or above and create more than 60,000 employment opportunities related to the construction industry.l

"We anticipate that the additional allocation will enable financial assistance be made available to all owners' corporations which have applied for financial assistance from the Government to carry out the necessary building repair works in the second round of the OBB, as long as their applications met the requisite eligibility criteria. Including the new allocation of $1 billion, the budget of the OBB totals $3.5 billion," said Mrs. Lam.

 As of mid-February 2011, the OBB has provided assistance to owners of more than 1,900 old buildings. A large number of old buildings have been undergoing repair, creating nearly 16,000 employment opportunities. To date, repair work to some 200 buildings is almost complete while more than 500 buildings have repair work underway.

The Administration will consult the Panel on Development of the Legislative Council on the proposed allocation of the additional $1 billion for the OBB in March, and then seek approval from the Finance Committee for the additional funding. We expect that financial assistance will be made available to all eligible applicants in the second round of the OBB.

Mrs. Lam said: "Through the OBB, government departments, supporting agencies and property owners have all gained valuable experiences in technical matters in respect of co-ordination of building repair works and tendering process, etc. The Government, together with the HKHS and the URA, will continue to provide support to property owners in need to further enhance building safety in the territory."

Employment in the decoration, repair and maintenance trades dropped significantly from the peak of 21.7% following the financial tsunami to most recent 4.7 per cent.