The Urban Renewal Authority (“URA”) was established in May 2001 under the Urban Renewal Authority Ordinance as the statutory body to undertake, encourage, promote and facilitate urban renewal of Hong Kong, with a view to addressing the problem of urban decay and improving the living conditions of residents in old districts. The URA follows the guidelines set out in the Government's Urban Renewal Strategy in the implementation of its urban renewal initiatives under a "people first, district-based, public participatory" approach. The URA adopts a comprehensive and holistic approach by ways of its two core businesses i.e. redevelopment and rehabilitation, as well as heritage preservation and revitalisation, for creating a sustainable and quality living for the people of Hong Kong.