Supply Of Private Flats Fall In Second Quarter
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2019-07-26 HKT 11:57
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Private developers are slowing down work on new projects considerably amid an unstable economic and political environment, newly released government data showed.
According to figures from the Housing Bureau, developers started building around 1,700 units in the second quarter – down 26 percent from the previous quarter, and a whopping 81 percent lower than the same period last year.
The number of new homes also came down to 5,700 in the first half of this year, down 6.5 percent year on year.
However, the government said it is maintaining its projection of around 93,000 private flats coming onto the market in the next three to four years.
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