This report does not constitute a rating action. Rising tenders: Developers’ interest in URA’s land tenders is recovering. In July, the Authority awarded its Bailey Street/Chi Kiang Street project in Hung Hom for HK$6.9 billion, well above market estimates. The wider market is also supportive, with the government’s Ho Man Tin site, awarded in October for HK$4.3 billion, attracting 10 tenders. URA also launched the tender invitation for its To Kwa Wan Road/Wing Kwong Street project in October. We expect URA to launch more tenders over the next two years and further strengthen its financial position. Urban renewal continues: URA remains committed to acquisitions that support the redevelopment of Hong Kong's older districts. URA's five-year plan projects spending of not
