With HK$670 billion ($86 billion) in fiscal reserves and little debt, the Hong Kong government seems to be in an enviable spot. But as land sales dwindle to a trickle, the administration doesn’t look so rich all of a sudden.

Amid a property downturn, Hong Kong decided to halt all residential and commercial land sales this quarter, marking the first such pause in 13 years. As of November — two-thirds of the way into the current fiscal year — revenue from land premiums stood at just HK$12.1 billion, equivalent to 14% of the official annual target. Authorities had to halt six land auctions, as developers grew cautious over the uncertain outlook and the government refused to slash prices. It was a remarkable shift of fortune, considering the city collected about HK$70 billion a year earlier.

QOSHE - Hong Kong’s Biggest Landlord Isn’t So Rich - Shuli Ren
menu_open
Columnists Actual . Favourites . Archive
We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Hong Kong’s Biggest Landlord Isn’t So Rich

4 2
16.01.2024

With HK$670 billion ($86 billion) in fiscal reserves and little debt, the Hong Kong government seems to be in an enviable spot. But as land sales dwindle to a trickle, the administration doesn’t look so........

© Bloomberg

Get it on Google Play