Hong Kong Faces Historic Budget Deficit as Spending Outpaces Revenue

• Hong Kong's deficit hits HK$164.1 billion in first 8 months of financial year, far exceeding full-year estimate of HK$100 billion • Deficit grew to HK$230.7 billion before accounting for HK$66.6 billion in green bonds sold by government • Revenue from taxes and duties still expected in Dec and Jan, but high spending anticipated in March • Economists say final deficit could reach HK$190 billion if economy doesn't pick up as expected • Financial Secretary maintains deficit will still be just over HK$100 billion based on potential land sales