New World, run by Hong Kong tycoon Henry Cheng's family empire, reported its first annual loss in two decades last year and has one of the highest debt burdens among the city's developers.

The property giant has been grappling with weak property markets in both mainland China and Hong Kong, coupled with its high debt levels in recent years.

It recorded a year-on-year revenue decrease of 23 percent to HK$27.6 million ($3.6 billion), according to a filing to the Hong Kong stock exchange.

The firm said it attributed that fall to a decrease in property sales and construction, including fewer property development bookings in mainland China.

Its loss attributable to shareholders amounted to HK$16.3 billion ($2.1 billion), which it said was mainly due to "one-off impairment provisions and losses".

Gross profit for the year was down 10 percent, with core operating profit down 13 percent.

The developer said total liabilities stood at HK$146.1 billion ($18.8 billion) as of June.

New World's "top priority is to prioritise cash flow and reduce overall indebtedness", Chief Executive Officer Echo Huang said in the report.

The firm said it continued to exercise stringent measures on capital expenditure and other operating expenses.

"Although general market sentiment and transaction volumes in the property sector showed early signs of recovery, housing prices remained relatively subdued, prompting further impairment provisions in the year under review," it said.

New World is one of Hong Kong's top developers and has a wide range of residential and commercial projects, including the K11 malls in the tourist district of Tsim Sha Tsui.

The firm said in a filing on Thursday it had secured a term loan facility of up to HK$5.9 billion ($755 million) from Deutsche Bank AG by pledging its landmark projects.

New World said in June it had completed a refinancing deal worth $11.2 billion as investors expressed concern over its financial prospects.