Timely aid: Targeted assistance will be given to owners of old buildings who cannot co-ordinate maintenance works on their own.

Financial Secretary John Tsang has proposed allocating additional funding of $500 million for Operation Building Bright to help more owners of old buildings repair their properties.

Delivering his Budget speech at the Legislative Council today, he said the extra funding will provide targeted assistance to owners who cannot co-ordinate maintenance works on their own, including owners of dilapidated buildings without owners' corporations.

Meanwhile, the Urban Renewal Authority will immediately take forward a redevelopment project on Ma Tau Wai Road where an old building collapsed last month.

"It will cover old buildings in 33 street numbers on Ma Tau Wai Road, Hok Yuen Street and Chun Tin Street. The Urban Renewal Authority will embark on the necessary freezing survey today."

Mr Tsang said the Urban Renewal Strategy and the Urban Renewal Authority's role should be reviewed to tackle the increasing number of old buildings.

"The Development Bureau will complete the review of the Urban Renewal Strategy by the end of this year and map out new directions. In response to redevelopment requests from owners of old buildings, we have also proposed to lower the compulsory sale application threshold for buildings aged 50 years or above from 90% to 80%."

Noting the responsibility for building maintenance rests with property owners, Mr Tsang hoped the legislative process of the relevant bill can be completed as soon as possible for the prompt implementation of the Mandatory Building Inspection and Mandatory Window Inspection Schemes.