2023-2024 Hong Kong fiscal year revenue from land sales lowest since global financial crisis.

Hong Kong's real estate slump, causing developers to either stop bidding for sites or offer low prices, has significantly impacted the government's revenue, which relies on land sales. The city's 2023-2024 fiscal year revenue from land was the lowest since the global financial crisis, with demand not expected to recover. This threatens Hong Kong's financial model and its status as a business hub, prompting the government to seek alternative revenue sources to fund aging population needs and costly projects.

August 13, 2024
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