Latest news with #DonaldChoi
South China Morning Post
6 days ago
- Business
- South China Morning Post
Hong Kong's URA may review compensation cuts for residents affected by redevelopment
Hong Kong's cash-strapped Urban Renewal Authority (URA) may review its policy to reduce compensation to residents affected by redevelopments, its new chief has said, as the organisation faces rising financial challenges. URA managing director Donald Choi Wun-hing said on Friday in his first meeting with the media that it was an appropriate time to review the current compensation package. Residential flat owners receive the cash equivalent of the market price of a comparable seven-year-old flat in the same district under the current arrangement. 'We have room to discuss and review the compensation arrangement,' Choi said, adding that there should be flexibility for adjustments. He cited offering cross-district resettlement with new land granted by the government in Tseung Kwan O as one of the examples. The government last month made a rare move of granting the URA two land parcels in Hung Hom and Tseung Kwan O to provide extra financial help for its projects, under the conditions that the authority had to undertake urban redevelopment in a financially sustainable manner, 'irrespective of market ups and downs'.
South China Morning Post
29-05-2025
- 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.
