Land sales revenue falls behind fiscal goal, totaling $3.7b by October

It represents only 11.2% of the government's target of $33b.

The total land premium revenue for fiscal year 2024/25 has reached only $3.7b as of October, representing 11.2% of the government's target of $33b, according to Colliers.

Colliers noted that this target constitutes just 5.2% of the total government revenue goal, a sharp decline from the pre-COVID and social unrest average of around 20%.

“The current land premium revenue also reflects an 81% decline from the previous fiscal year’s land premium of HKD19.58 billion, highlighting the challenges of aligning land sale strategies with market realities,” said Kathy Lee, head of research at Colliers.

In the residential sector, over 21,000 unsold units continue to weigh on the market.

Colliers said talent and business attraction schemes have spurred some demand, though uncertainty persists.

Meanwhile, in the industrial sector, logistics development remains a focal point, whilst in the commercial sector, no new sites were launched this year due to high vacancy rates and declining rents.

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