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Hong Kong’s collapsing land sales threaten city’s funding model

Kai Tak | Hong Kong’s real estate slump is choking off one of the financial hub’s most important sources of government revenue.

For decades, the city’s government generated massive income from auctioning off land to cash-rich developers as prices soared. That helped enable Hong Kong’s low-tax system, which has been crucial to its business hub status. The arrangement largely worked – until recently.

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Bloomberg

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