3 days ago
- Business
- South China Morning Post
Donald Choi takes helm of Hong Kong's cash-strapped URA amid mounting challenges
A veteran property specialist with experience in leading major Hong Kong real estate groups has been appointed to steer the cash-strapped Urban Renewal Authority (URA).
The government on Thursday announced the appointment of Donald Choi Wun-hing, the former CEO of Chinachem Group, as the authority's managing director from June 15, for three years, when the incumbent chief Wai Chi-sing is set to retire after his nine-year leadership.
'[Choi] has a deep understanding of the local land and housing planning, the property market, conservation of historic buildings, green buildings and innovative construction techniques, among others, and is committed to creating quality and vibrant urban living in Hong Kong,' the Secretary for Development Bernadette Linn Hon-ho said.
'I am confident that Mr Choi will lead the URA management in furthering the important task of urban renewal, as well as effectively handling the challenges of building decay while maintaining the financial sustainability of the URA.'
Choi, an architect by profession, was the CEO of Chinachem Group from 2018 to August 2024 before his retirement. He was also previously the managing director of Nan Fung Development and a director of the well-known architectural firm Foster and Partners.
Choi has also served the industries as a former president of both the Hong Kong Institute of Architects and of the Hong Kong Institute of Urban Design.
Since the 2022-23 financial year, the self-financing statutory body has been struggling with its deficit, which stood at HK$3.9 billion (US$497.5 million) in the 2023-24 financial year.
