Hong Kong’s construction and completion of residential units both doubled in the first quarter from the previous three months, the government said on Friday, as it tries to increase supply to cool the overheating property market.
Hong Kong’s actual completion of private residential units rose to 4,100 units in the July-September period, up from 2,100 units in the second quarter and bringing the total to 11,100 so far this year, the Transport and Housing Bureau said. Construction of private residential units increased to 5,100 units in the third quarter from 2,500 units in the previous quarter, taking the total to 11,700 units for the first nine months, the bureau said in a statement.
Hong Kong is one of the Asian markets that faces the biggest property bubble threat, with the government announcing various market-cooling moves.
Last week, the government said it would restrict immigration based on property investment and would aim to supply enough land over the next 10 years to raise housing supply to about 20,000 units annually, from 10,000-15,000 units now.
Hong Kong’s housing prices have risen almost 50 percent since the start of last year due to demand from mainland Chinese and due to low interest rates that largely track US monetary policy as the Hong Kong dollar is pegged to the US currency.
Category: Hong Kong