Private residential unit completion dropped by more than 43 percent in the first quarter, while the number of private residential units beginning construction fell to less than 1,000 units during the same period, latest Transport and Housing Bureau data shows.
The number of private residential units beginning construction fell to less than 1,000 units
These steep declines are due to the spread of the novel coronavirus which has halted most building construction activities in Hong Kong.
The bureau's data, released on Friday, showed that in the first quarter, there were just 900 private units which had started construction – a decrease of 3,100 units from the previous quarter – and a decrease of 1,400 units from a year ago.
During the same period, private residential unit completion plunged over 43 percent to 4,200 units from the previous year’s 7,400 units. In 2019, private residential unit completion has dropped to the three-year low of 13,600 units.
Meanwhile, some 95,000 private residential units may be available in the coming three to four years – the highest number in 18 months. This comprises 10,000 unsold units in completed projects, 75,000 units under construction, and 25,000 units from disposed sites where construction may start at any time – minus 15,000 units sold by presales.
