More new homes than homebuyers in Hong Kong

Hong Kong’s inventory of completed but unsold private new homes climbed to the largest since early 2007, as the government increases land supplies and developers put more units on the market, the Ming Pao newspaper said on Saturday. 

Some 18,000 private new homes had been completed and remained unsold as of the first quarter, it said, citing data from the Housing Bureau. That’s 13 percent more than the previous three months. About 65,000 new homes are being built and have yet to be pre-sold. 

(Bloomberg)