Property News · October 28, 2020

Hong Kong’s government may have to step up on land sales as two failed auctions starve the coffers of much-needed revenue


Hong Kong’s government, which depends on land sales for up to a fifth of its annual fiscal revenue, may have to put more plots on the market to fill its coffers amid the city’s worst recession, after two failed auctions in October and May.A site in Tung Chung near Hong Kong’s airport and Disney’s resort was withdrawn from tender after the biggest commercial plot to go on the market garnered lukewarm response, depriving the government of HK$5.68 billion. In May, the government lost out on HK$7.1…

Source : South China Morning Post
Read more…Hong Kong’s government may have to step up on land sales as two failed auctions starve the coffers of much-needed revenue

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