Hong Kong Land Sales Plunge as Developers Remain Cautious

What’s new: Hong Kong completed its last government land auction this week at a lower-than-expected price, bringing the city authority’s land sale revenue this year to a 10-year low.

The Hong Kong Lands Department awarded a 19,000-square-meter (204,500 square feet) parcel on Lantau Island to the sole bidder, Sino Group, for HK$203.8 million ($26 million) in the final land tender.