URA cash woes may hit Central Market project
Renewal body mulls works on a smaller scale as it is under government instructions to conduct a value-for-money audit after a deficit last year
A revitalisation project that will transform the historic Central Market into a green urban oasis may be scaled down after the government ordered the Urban Renewal Authority to check its financial health.
The revelation has emerged as the authority faces a double whammy of tremendous budget pressure and accusations it is shirking its social responsibilities.
Critics suspect the URA is falling short on its public duty as it struggles to balance the books in the long run, having incurred high acquisition costs for projects and taken on a new mission of providing subsidised flats.
The controversy arose early this month when URA managing director Iris Tam Siu-ying resigned, citing "fundamental differences" with chairman Victor So Hing-woh over the future direction of the authority.
Tam said at the time that it was unacceptable for the URA to act as a developer or an agent providing land to developers.
Yesterday, So responded to the controversy. "The authority's directions remain the same," he said. "But we hope to introduce new thinking" to speed up redevelopment and to ease financial pressure in the long run.