Hong Kong’s potential new private home supply drops to 11-quarter low in June

Hong Kong’s potential new private home supply in the coming few years dropped to nearly 100,000, the lowest in nearly three years in the last quarter, official data showed.

The number of first-hand private residential units that may be available in the coming three to four years fell by 4,000 to 101,000 quarter-on-quarter in the three months through June, data from the Housing Bureau showed on Friday. 

It was the fifth consecutive quarter of decline and also a new low in 11 quarters. 

There were 4,600 new homes completed in the quarter, down from 5,500 in the March quarter. 

Unsold unit number in completed projects also declined to 27,000 from the previous quarter.

Units under construction less units sold by presale dropped to 64,000 as of the end of June and units from disposed sites where construction may start anytime was 10,000.

The number of private residential units commenced construction in the quarter was 2,500 units.

STAFF REPORTER