Email lifts lid on discord at top of Hong Kong urban renewal body
Outgoing managing director Iris Tam tells of 'fundamental differences' with chairman Victor So over authority's finances and 'social mission'
The managing director of the Urban Renewal Authority revealed in an email to staff on Tuesday that she left because of "fundamental differences" with its chairman over its direction, to which the chairman responded that "our social mission has not changed".
As was reported on Tuesday, Iris Tam Siu-ying abruptly quit the authority on Monday because she could not see eye to eye with chairman Victor So Hing-woh on its philosophy and mission.
In the staff-wide email, seen by the Post, Tam said it was unacceptable for the authority to act as a developer or an agent providing land to developers.
"It is a difficult decision but I am afraid [my leaving] is in the best interest of URA as there are fundamental differences between the chairman and me in the understanding of URA's philosophy, mission and direction," Tam wrote to her colleagues.
Tam took office in March 2013, three months before So became chairman. Her abrupt resignation came amid increasing public uncertainty about the role of the statutory body, which was founded in 2001 to replace the Land Development Corporation in the role of facilitating redevelopment of old buildings.
Established with HK$10 billion in government seed money, the body is required to run on a self-financing basis. It recorded a loss of HK$2.3 billion in the financial year of 2013-14, though a year ago it said it had accumulated a HK$14 billion surplus since its founding.
As housing prices have skyrocketed citywide, the authority has faced mounting criticism for building expensive flats in collaboration with private developers. But it is still under financial pressure as costs increase. So had pushed for a more aggressive moneymaking approach.