URA plan aims to help people revamp their buildings
The Urban Renewal Authority is to spend HK$64 million on helping owners of old buildings to refurbish their buildings and make them more environmentally friendly.
The move follows a recent government announcement that it would create more construction work to combat rising unemployment as the economy contracts in response to the global financial crisis.
'Starting in April, more buildings will become eligible for our maintenance loans and free repair materials,' authority director of works and contracts Stephen Lam Wai-nam said last week.
Two authority schemes, one providing interest-free loans and the other free materials, have aided 518 residential buildings which are more than 20 years old since the schemes' introduction in 2003.
The loan scheme, with an upper limit of HK$100,000 per building, is open not just to resident owners, but also to non-profit organisations.
'Trade unions and religious bodies often take up a large proportion of old buildings,' Mr Lam said. 'Without their participation, owners' corporations often cannot afford the costs.'