Hong Kong land sales wobble, exposing cracks in city’s finances

Despite historical high demand for homes due to the territory’s size, the economic downturn has resulted in a glut of unsold flats

Hong Kong’s once-lucrative land market looks to be in trouble after a series of unsuccessful tenders for government plots cast a shadow over the city’s finances.

Earlier this month, Hong Kong’s largest public transport company, the MTR Corporation, revealed that it had received no proposals for a joint development project in Tung Chung, a residential town next to Hong Kong airport.