Hong Kong to Pause Selling Commercial Land as Market Falters
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Hong Kong’s government will refrain from selling commercial sites in land tenders this quarter as the office market continues to suffer from high vacancy rates.
“It’s reasonable for us to pause” on the sale of commercial plots in the fiscal third quarter ending Dec. 31, Secretary for Development Bernadette Linn told reporters on Wednesday. “We see that the vacancy for commercial space is on average at 10% or more.”