Why has there been low demand for commercial land in Hong Kong for the past seven quarters?

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The decline in demand for commercial land in Hong Kong over the past seven quarters can be attributed to several key factors:

1. Economic uncertainty: Hong Kong has faced economic challenges due to global disruptions such as the COVID-19 pandemic, which has impacted demand for office and retail space. Companies are cautious about expansion plans and investments in commercial real estate due to uncertainty in the global and local economies.

2. Mainland China Slowdown: The Chinese economy has seen slower growth, affecting Hong Kong as a major financial hub with close ties to mainland China. This downturn has impacted demand for commercial real estate, especially from investors and businesses in mainland China. 3. Geopolitical tensions: Current geopolitical issues, including tensions between the United States and China and the impact of the Hong Kong National Security Law, have reduced the region’s attractiveness to foreign investors with multinational companies. This has contributed to a decrease in demand for office and commercial land.

4. Shift to remote work: The global shift to remote work has reduced the need for traditional office space, leading many companies to opt for smaller office settings or remote work models, reducing demand for commercial land in prime locations.

5. Rising interest rates: Rising interest rates worldwide have made borrowing more expensive, discouraging businesses and investors from purchasing commercial real estate. Higher financing costs have slowed real estate transactions, especially in the commercial sector. 6. Oversupply of commercial space: There has been an oversupply of office space in Hong Kong in recent years, especially with large residential projects coming onto the market. This surplus, coupled with lower demand, has led to lower land sales.

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