The Urban Renewal Authority has been promised full financial support to carry out its projects, despite a forecast budget deficit of $60 billion. Deputy Secretary for Planning and Lands Cheung Siu-hing rejected criticism that the administration had held up projects because it was reluctant to pump money into the authority. 'We shall give full financial support to the authority,' she said yesterday. 'But injecting money is not the only way. We can also waive land premiums [for authority projects] or act as guarantor to help it get bank loans.' The authority, which was set up last May, did not announce its first projects until last week - $2.6 billion plans to redevelop sites in Wan Chai, Tai Kok Tsui, and Shamshuipo. The so-called 'early' projects were among 25 already announced in 1997 by the former Land Development Corporation, which the authority replaced. Democrat Fred Li Wah-ming, a non-executive director of the authority, has said the Government was to blame for delays because it had refused to inject money into the authority after studying its development plans. But Ms Cheung said the authority had not submitted any plans to be considered. She said the Government appreciated that the authority might take some time to prepare its plans because it was its first year of operation. But she added: 'In future, we expect the authority to submit its yearly plan to the Government around December every year.'