Hong Kong's Urban Renewal Authority lowered the compensation rate for eligible property owners at its second redevelopment project in Kowloon City.

The city's redevelopment agency proposed to offer HK$15,385 per square foot for the Kau Pui Lung Road/Chi Kiang Street Development Scheme Plan.

The amount is lower than the HK$19,848 per square foot offered at the Shing Tak Street/Ma Tau Chung Road Development Project proposed in 2021.

URA's two projects are under the Civil Servants' Co-operative Building Society Scheme.

Under the redevelopment scheme, the government will dissolve cooperative building society schemes, modify government leases, assign apartments to CBS members, and set up owner corporations, the URA said.