US Government Estimates Property Value Owned in Hong Kong at 6 Trillion Won... 10 Times That of Chinese Government

On the evening of the 4th of this month, a citizen is holding the U.S. flag at a memorial rally held in Victoria Park, Hong Kong, to mark the 31st anniversary of China's June 4 Tiananmen democracy protests. [Image source=Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon]As the United States and China are in conflict mainly over the 'Hong Kong National Security Law' (Hong Kong Security Law) and trade regulations, it has been revealed that the total value of real estate owned by the U.S. government in Hong Kong exceeds 6 trillion won.

According to the South China Morning Post (SCMP) on the 26th, the U.S. government currently appears to own real estate in Hong Kong valued at 41 billion Hong Kong dollars (approximately 6.3 trillion won) at market price.

In particular, the site of the U.S. Consulate General in Hong Kong, located in Central, Hong Kong's largest commercial district, is valued at 24.7 billion Hong Kong dollars (about 3.8 trillion won). This land covers an area of 5,700 square meters located between the Hong Kong Chief Executive's residence and the government headquarters. The U.S. government was granted this site in 1950 by the British Governor's Office, which governed Hong Kong at the time. The contract was made on the condition that the land would be leased for 75 years with an option to purchase afterward. Ahead of Hong Kong's handover in 1997, the U.S. government attempted to exercise this right, but the Hong Kong government rejected it. Subsequently, the U.S. government proposed to lease the land for 999 years at 44 million Hong Kong dollars (about 6.8 billion won), which was agreed upon.

On the other hand, the value of real estate owned by the Chinese central government in Hong Kong is known to be less than one-tenth of that of the U.S. According to the Hong Kong opposition party Demosisto, the real estate owned by the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region (Central Liaison Office) and others includes 722 apartments, 12 offices, 8 commercial sites, 10 buildings, and 15 parking lots, totaling 3.4 billion Hong Kong dollars (about 530 billion won).

This content was produced with the assistance of AI translation services.