Hong Kong Property Market Slumps Amid Stagnating Home Prices and Falling Land Sales
• Hong Kong's property market, long a major source of wealth, has entered a period of stagnation due to a stalemate between developers and the government over land valuations.
• The government is struggling to find buyers for land parcels it has put up for sale, with some parcels receiving no bids.
• Land lease sales by both the government and private entities have fallen to their lowest levels since 2009.
• Developers are bidding more conservatively on land due to subdued market sentiment, rising costs, and a weakening local economy.
• While overpricing is an issue, Hong Kong does not suffer from the oversupply and debt problems of mainland China's property market.