Hong Kong Property Slump Sinks a Record Number of Land Tenders
- City only sold one-third of land plots in public tenders
- Land sale revenue headed for lowest amid market downturn
Land sales have long been a major source of income for the city to maintain a low tax system.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
Hong Kong saw a record number of failed land tenders this year with plot-sales revenue headed toward the lowest ever due to the sector downturn.
The city only sold one-third of land plots in public tenders in the first 11 months, a record for failed bids in Hong Kong, according to a Nov. 30 report from Colliers International Group Inc.