The government of the SAR on Tuesday reaped a little under HK$3 billion (US$380 million) from its first land auction since November 2002 in a move intended to help the city reduce its budget deficit.
The government halted such land sales eighteen months ago in an attempt to arrest the slide in property prices that has gripped the territory in recent years.
However, by doing so, the authorities also shut off a substantial source of revenue.
With the resumption of land sales and an increase in associated revenues such as stamp duty and rates, the government has indicated that it expects to earn HK$12 billion this year.
This should help to dent the budget deficit, which hit $HK40 billion (US$1.54 billion) for the year to March.
The government has earmarked a further fourteen sites to be auctioned off in the coming months, with the next land sale due in June.
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