陈茂波：预计未来2至3年地价收入不足以支持香港基建投入

Core Viewpoint - The Hong Kong property market is currently stable, but land revenue for the fiscal year 2025/26 is expected to remain at a relatively low level compared to previous years, indicating that land price recovery will take time [1] Group 1: Infrastructure Spending - The Hong Kong government plans to increase annual infrastructure spending from HKD 90 billion to HKD 120 billion, resulting in a funding gap that necessitates the issuance of bonds to attract market funds for future infrastructure development [1] - The capital account, which includes land sales and land premium income, is crucial for financing the development of the Northern Metropolis and various transportation infrastructure projects [1] Group 2: Financial Management - The government’s financial accounts are divided into operating and capital accounts, with an expected surplus in the operating account for the current fiscal year, although there remains a significant gap in funding for expenditures [1] - The operating account is likened to a monthly salary that needs to be balanced and saved, especially given the high external risks and volatility in recent years, necessitating a cautious approach [1]