Hong Kong's Urban Renewal Authority (URA) has rescheduled the bids for some of its redevelopment projects

due to low levels of willingness, Managing Director Wai Chi-sing said in his blog Sunday.

Developers' willingness to bid will not return in the short term due to market conditions, hence the decision, Wai said.

The authority also avoided making expensive acquisition decisions that hurt returns, Wai said.

The measures are seen to "inevitably affect the URA's cash flow," according to Wai.