The Urban Renewal Authority (URA) said on Tuesday it recorded a loss of HK$3.5 billion in the 2022/23 financial year, its first deficit in nearly a decade.

The URA said its operating deficit reached HK$500 million and it made HK$3 billion in provisions.

It said lower-than-expected revenues from land sales contributed to the loss.

URA chairman Chow Chung-kong said it would need HK$96 billion to acquire sites for its planned developments over the next few years. He said the government has agreed to increase the URA's borrowing limit, adding that the authority could also seek other funding sources, such as issuing green bonds.