OREANDA-NEWS. Goldin Financial, a Hong Kong holding company, in the face of economic difficulties due to the coronavirus pandemic, agreed to resell the plot of land, losing $ 331 million, a Chinese newspaper reported Monday as an unprecedented loss for such transactions on the local real estate market.

The Hong Kong commercial real estate market is considered the most expensive in the world. Realtors here explain the high prices for housing, office and retail premises by the lack of free land and offers on the market with high demand, including from investors from mainland China.

However, the situation of developers began to deteriorate since last summer, when the city was swept by massive anti-government protests. The coronavirus pandemic has dealt another blow to this market. Hong Kong's economy is currently undergoing a deep recession. In the first quarter of this year, GDP decline here reached a record 8.9%.