Budget 2025: Hong Kong’s land sale halt is ‘too little too late’ to ease office oversupply

The Hong Kong government’s 12-month halt on the sale of commercial land will have limited effect in easing the supply glut in the city’s offices, as the moratorium does too little too late to slow the biggest onslaught of newly completed space in 17 years, according to several consultants.

“Taking into account the high vacancy rate of office buildings in recent years and the sufficient supply in the next few years, the budget proposes not to put commercial land for sale next year to allow the market room to absorb the existing supply,” Financial Secretary Paul Chan Mo-po said today. He added that the government may designate some commercial sites for other uses, and provide more flexibility in how the land will be used.