HK land premium drops 41pc to HK$2.1b in the first quarter

Hong Kong recorded a total land premium of HK$2.1 billion in the first quarter this year, an decrease of 41 percent from the last quarter, according to the Lands Department on Wednesday.

The figure also marks an increase of nearly 2 percent from the previous year.

The city saw 13 lease modifications and two land exchanges in the Land Registry in during the quarter, of which three were modifications of a technical nature involving nil premium.

Among these 15 land transactions, one is located on Hong Kong Island, 10 are in Kowloon and four are in the New Territories.