Hong Kong’s cash-strapped Urban Renewal Authority (URA) will issue another round of bonds this year and has reached out to investors in the Middle East and Europe, the body’s outgoing chief has revealed.

Authority managing director Wai Chi-sing also said that two sites the government gave to the URA this month had strengthened its bargaining power in talks with investors, and that he believed there would be more similar land grants in the future.

Wai, who leaves the statutory body on Saturday after serving as managing director for nine years, said the authority would issue bonds again this year and had introduced its work to investors in Europe, the Middle East and Singapore, with more trips planned to continue the outreach.

“The URA has been to Singapore and the UK to introduce our work,” he said, adding that foreign countries might not have bodies like the authority and could be unclear about its work.

He said the URA had also been to the Middle East, including Doha and Dubai, but had not decided if it would issue bonds in US or Hong Kong dollars due to market fluctuations.

Wai said the funds from the bonds would be used for redevelopment projects, including the acquisition in the “5 Streets” area in To Kwa Wan.