Policy Address

38.       In addition, the URA will earmark $500 million to set up an Urban Renewal Trust Fund to support studies and activities to be conducted by the forums.  The Trust Fund will also be funding the appointment and operation of social service teams, which provide assistance to residents affected by URA's redevelopment projects.  Furthermore, the Trust Fund will subsidise preservation or revitalisation projects within the scope of urban renewal.

39.       While maintaining the prevailing compensation level at the value of a replacement seven-year old flat in the same locality, we will introduce a “flat for flat” scheme as another option for owner-occupiers of residential properties affected by the URA's urban renewal projects. In this way, the affected households can continue to live in a familiar environment and keep their social networks. To enable early implementation of this arrangement, the Government will reserve residential sites at the Kai Tak Development Area for the URA to build residential flats for the purpose.

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