Hong Kong Housing Bureau: Potential supply of first-hand private residential flats in Hong Kong to rise to 100,000 units in the coming 3 to 4 years

Data from the Hong Kong Housing Bureau shows that as of the end of September this year, the potential supply of first-hand private residential flats in Hong Kong in the coming three to four years has rebounded to 100,000 units, an increase of 4,000 units compared with the end of June. Of these, 19,000 units have been completed but remain unsold, 62,000 units are under construction and unsold, and 19,000 units are on land already granted and can commence construction at any time. In the third quarter of this year, residential completions in Hong Kong totaled 1,700 units, down 4,700 units or 73.4% quarter on quarter, and down 1,600 units or 48.5% year on year. In the first three quarters, private residential completions totaled 9,600 units, down 3,800 units or 28.4% year on year. Private residential construction starts totaled 2,800 units, down 2,800 units or 50% quarter on quarter, and up 2,000 units or 2.5 times year on year. In the first three quarters, construction starts totaled 12,500 units, up 5,600 units or 81.2% year on year.