URA Mulls Discounts On To Kwa Wan Flats

Tuesday June 19, 2018.

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2018-06-19 HKT 18:13

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URA chief Wai Chi-sing says restrictions may be imposed on reselling flats if they are discounted. Photo: RTHK

The Urban Renewal Authority (URA) confirmed on Tuesday that it is looking at whether flats at an upcoming project on Ma Tau Wai Road in To Kwa Wan could be sold below market price.

The URA's managing director, Wai Chi-sing, said if the authority does make such a move, buyers could be banned from selling the flats for a certain time period, to prevent speculation.

Wai did not reveal how much of a discount could be offered and said the URA's board would have to take into account the authority's finances.

People who sell their flats to the URA to make way for new developments often complain that they cannot afford to buy one of the new ones that spring up in their place.

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