Urban Renewal Authority: Will allocate at least HKD 100 million as startup funds to provide enhanced "Tendering Services"

AASTOCKS
2026.02.26 01:52

The Financial Secretary announced yesterday (25th) the new "Financial Budget" stating that to reduce the risk of collusion in building maintenance projects, the government will allocate HKD 300 million to the Urban Renewal Authority (URA) to launch an enhanced version of the "Tendering Assistance" service and subsidize owners for using the paid services of "Tendering Assistance" to organize major building maintenance projects. A spokesperson for the URA stated that this funding will provide a more solid foundation for deployment and that the enhanced version of "Tendering Assistance" is planned to be launched in the second half of the year.

The URA indicated that it is currently finalizing the specific measures and execution details of the enhanced "Tendering Assistance" service with the Development Bureau. In addition to providing a more rigorous pre-qualification list, it will also offer professional advice and support to owners regarding the hiring of consultants and contractors. However, achieving these goals requires additional manpower and financial resources to develop the new service framework and technological applications for the enhanced "Tendering Assistance."

The URA expects to use no more than HKD 100 million of the allocated funds as startup capital to provide the enhanced "Tendering Assistance" service, ensuring that the necessary professionals for developing the new service framework and mechanisms, as well as the hardware and software facilities for establishing the new service platform, are in place in a timely manner. The remaining funds will be used to provide subsidies to owners using the "Tendering Assistance" service.

The URA stated that it will fully cooperate with the government in promoting the enhanced "Tendering Assistance" work, with the hope that the new services and platform will be implemented in the second half of the year, continuing to provide services to the citizens of Hong Kong

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