Hong Kong government to sell four plots next quarter as it looks to shore up its land sales revenue
- Three residential and one commercial plot will be offered for tender in the upcoming land sales programme
- Land sales in the current financial year are expected to be in the region of about HK$55 billion, far short of the government’s budget target of HK$118 billion
Hong Kong’s government, staring at its biggest fiscal deficit in years, faces about HK$60 billion (US$7.7 billion) of potential shortfall in land sales revenue as developers’ cautious approach to investment had forced several commercial sites to be withdrawn from tender.
Four sites – three residential and one commercial – will be offered for tender between January and March, Michael Wong, Secretary for Development, said during a briefing on Tuesday evening.
The three residential sites going on sale are Kai Tak Area 4E Site 2, the second part of Mansfield Road on The Peak, and one in Fanling’s Kwu Tung in New Territories. These plots are expected to yield a total of 2,240 flats, Wong said.
The sole commercial site that will be offered for tender is in Caroline Hill, Causeway Bay.