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What makes this staggering price even more bemusing is the proximity of vast areas of untouched wilderness just steps away from the urban sprawl. An astonishing 75% of Hong Kong's land is barren, teeming with wildlife such as wild boars and snakes. Despite this, developers are unable to capitalize on this land, as the government strictly controls all land ownership, keeping 75% for itself and only releasing small parcels for auction each year.
In 2022, a meager 0.013 square miles became available for the entire population of over 7 million. This fraction attracted nearly a billion U.S. dollars, all flowing straight back into the government’s coffers. Through this tight control of land supply, the government effectively inflates property values, ensuring that prices remain astronomical.