We believe that as Urban Renewal Authority (URA) undertakes more government initiatives and larger scale redevelopment projects, its role as the execution arm of the Hong Kong Special Administrative Region (HKSAR) government for key policies is likely to strengthen. In recent years, URA has supported various government initiatives, on top of the major operation of redeveloping aged buildings. These include the Starter Homes Pilot Project, a number of building safety improvement initiatives, and the redevelopment of buildings under the Civil Servants' Co-operative Building Society Scheme. We expect the authority to continue to receive ongoing support from the HKSAR government in the form of land premium waiver and taxation exemption. In the financial year ended March 31, 2018, URA received land
