3 ways gov't can improve land tenders

There has been frequent withdrawal of government land lenders in Hong Kong.

Six government land sites have been withdrawn for tender as of November, and JLL warned that there could be more withdrawals in the coming months should high-interest rates and weak home sales continue.

To improve the results of the land tenders, JLL had three suggestions:

Review Standard Rates more frequently, ideally every six months.
Resume government land sales by application list to increase the likelihood of successful land sales and avoid damaging knock-on effects on the market.
Prioritise projects with stronger interests from developers and slow down less time-pressing mega projects such as Kau Yi Chau Artificial Island, given the decline in land revenue and limited funding for future infrastructure projects.

JLL said frequent tender withdrawals will reduce land revenue, funding for future infrastructure developments, and market sentiments.

As of November, the government has achieved only 14.2% of its current fiscal year land premium revenue target.

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