Hong Kong govt posts April-Aug budget surplus of 1.2 bln hkd
The Hong Kong government said its operations posted a 1.2 bln hkd budget surplus for the period from April to August.

Revenue totaled 95.8 bln hkd, while expenditure reached 94.6 bln, it said.

A government spokesman said the surplus was traced to the generation of 38.1 bln hkd in land premium during the first five months of the current financial year.

The land premium represents payments made by private developers for the right to use sites for property development projects, he said.

As of end-August, the government's fiscal reserves stood at 370.5 bln hkd.