
AI-generated summary
Taizoom Elevator failed to install fire-resistant door frame components at 338 buildings in Hong Kong. The government has suspended the company's performance rating.
Hong Kong’s Urban Renewal Authority has advised property owners under a subsidy scheme against hiring a contractor that failed to install fire safety components in lifts at hundreds of buildings, saying it had “lost confidence” in the company.
The move came a day after the government suspended the performance rating for Taizoom Elevator, which was found to have failed to install required fire-resistant door frame components at 338 buildings as inspections of its work across the city are carried out.
Industry professionals have urged the government to step up routine inspections of lifts and called on authorities to assist the management of buildings that had signed contracts with the company and had been waiting for work to begin.
“In view of the serious failures involved when Taizoom Elevator replaced lifts for multiple housing estates and buildings, the Urban Renewal Authority (URA) has lost confidence in its services,” a spokesman said in a reply to the South China Morning Post on Friday.

Data from the Ministry of Housing and Urban-Rural Development of China show that from January to September 2026, a total of 16,000 old urban communities have been renovated across the country, benefiting 5.02 million residents. At the same time, ultra-long-term special treasury bond funds supported the renewal and installation of old elevators, and a total investment of 33.61 billion yuan was completed in the construction and renovation of complete communities.

Six departments including the Ministry of Housing and Urban-Rural Development of China issued the "Guiding Opinions on Promoting the Renovation and Upgrading of Old Block Factory Areas", proposing the orderly implementation of 1,500 major projects for the reconstruction and upgrading of old block factory areas during the "15th Five-Year Plan" period, and incorporating them into the urban renewal implementation system.

Taiwan's real estate market has cooled down, and mortgage conditions have not been relaxed. Although the central bank has relaxed the loan percentage for second homes, the interest rates for some first-time homebuyers have reached 3%, and it is 70% difficult to get loans for second homes. Some private banks have suspended the loan until December, mainly due to the high concentration of real estate loans and the crowding out of corporate financing needs.

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