Hong Kong’s Urban Renewal Body to Set Up HK$100 Million AI-First Tender Assessment Subsidiary

The subsidiary will be set up with a budget of no more than HK$100 million, which is a third of the HK$300 million allocated to the Urban Renewal Authority. The Smart Tender system, launched in 2016, aims to prevent interference and bolster competition by anonymizing the tender procedure. However, it cannot control who participates in or withdraws from a tender exercise.