(Bloomberg) -- Hong Kong’s MTR Corp. is considering raising funds through bond sales, among other options, to help bridge a projected shortfall in its spending needs over the next decade amid a slump in the city’s real estate market, according to a local media report.

The rail-to-real estate operator needs to spend at least HK$160 billion ($20.6 billion) over the next 10 to 12 years, Hong Kong-based Ming Pao reported Friday, citing an unidentified company source. In addition to issuing bonds, MTR is also considering selling or refinancing its shopping malls and other assets.

Substantial funds are required in the years ahead to maintain and invest in its rail infrastructure while continuing to spend on new projects, the report said. Disappointing land sales results mean MTR’s revenue streams are unable to meet its projected investment plans.

Deliberations are at an early stage the media outlet said, and no firm decisions had been reached. MTR has also examined cost-cutting measures on top of new financing sources.

MTR did not immediately respond to Bloomberg News for comment.

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