Reported 2 months ago
Hong Kong's declining land sales, once a major revenue source for the city, threaten its low-tax financial model. The real estate market is suffering from falling prices and rising vacancy rates, leading developers to reduce bidding prices significantly. In the fiscal year 2023-2024, government land revenue was the lowest since the global financial crisis, prompting concerns about increased fiscal deficits and the need for new revenue streams as the city plans costly infrastructure projects and faces an aging population.
Source: YAHOO