Building of private flats slows to 1,700 in the first three months
Construction of private residential flats in Hong Kong slumped in the past two quarters, with the building of only 1,700 units starting in the first three months of the year.
The latest figures from the Transport and Housing Bureau show the number of flats being built in the first quarter was 19 per cent fewer than the 2,100 units in the last quarter of last year and 65 per cent fewer than the 4,800 units in the third quarter.
At the end of last month, about 54,000 flats were available for sale, the same as three months ago. Including the 8,000 units on which work is yet to start, new residential supply expected in the next five years has dropped to 62,000 units, the lowest since records began in 2004.
About 1,600 flats were completed in the first quarter, an increase of 60 per cent from the 1,000 units in the previous quarter.
According to a Rating and Valuation Department market review released yesterday, 8,780 flats were completed last year, of which 52 per cent were in the New Territories.
The government expects 14,740 units will be completed this year, 68 per cent more than last year. About 76 per cent of the flats will be in the New Territories.