Hong Kong’s cash-strapped Urban Renewal Authority seeks out Singapore, Macau investors
- Statutory body also says it plans to issue bonds after it recorded HK$3.9 billion annual deficit, its second year of loss in a row
Hong Kong’s cash-strapped Urban Renewal Authority is reaching out to investors in Singapore and Macau for financial help after recording a HK$3.9 billion (US$499 million) annual deficit, its second year of loss in a row.
The authority’s head also said on Monday it would issue bonds to raise funds and had shared the plan and details of major projects with local and Macau investors, with a Singapore trip planned on Tuesday to continue the outreach.
Authority managing director Wai Chi-sing said the statutory body had not reached out to foreign investors in a long time, adding: “Foreign investors may not be aware of the work carried out by the authority now, as the authority has not issued bonds for a long time.”
The authority issued bonds for the first time in 2009.
Wai explained the authority’s promotional efforts were targeting investors from the Asia-Pacific region because the bonds would be issued in Hong Kong dollars.
The HK$3.9 billion loss recorded for the 2023-24 financial year consists of a HK$3.1 billion provision for projects started in the past which could be devalued, while the remaining HK$830 million was an operational deficit.