Extra funding is expected to be pumped into the Land Development Corporation to speed up its projects, 16 of which have been delayed because of the slump in the market. Tung Chee-hwa is expected to raise concern in his Policy Address next Wednesday and call for faster urban renewal, which accounts for more than 60 per cent of the new flat supply each year. At present about 20 per cent of residential blocks in the urban areas are more than 30 years old. It is estimated that the figure will double by 2005. Appreciating the corporation's difficulty amid the market slump, Mr Tung is expected to announce a package to finance the establishment of a high-powered Urban Renewal Authority next year. The authority will evolve from the corporation, with one option suggesting only a change of name for the body. Corporation board member Ambrose Lau Hon-chuen yesterday agreed that the Government could inject money into the authority and allow it to take over the delayed projects. Mr Lau also argued: 'Urban redevelopments take many years. 'A slow start should not be viewed as a delay. 'After all, the 16 projects can be undertaken by the future urban renewal authority.' He expected more developers would take part in redevelopment projects when the property market's fortunes began to show signs of revival. The Planning, Environment, and Lands Bureau is understood to be charged with helping speed up urban renewal. It also has the task of reviewing the compensation formula to tenants and landlords. At present, landlords are entitled to payouts sufficient for them to buy a comparable second-hand flat in a nearby area. Tenants can receive at least $10,000, even if they do not live in units which are affected. Society for Community Organisation director Ho Hei-wah called for more government money to help urban redevelopment. The corporation said 16 of its 26 projects proposed last January had been delayed because of failure to secure joint venture agreements with developers. The 16 projects involved more than 4,800 families, or 10,000 people. Seven of them are in Shamshuipo.