HK’s Housing Land Supply Shrinks
Hong Kong’s supply of residential land is shrinking to a 10-year low, as the local government runs out of usable plots for building homes, in a situation that may set the stage for property prices to rise further and fuel public grief in one of the world’s least affordable urban centres. The city’s government will release two sites capable of accommodating 200 flats for sale in the fiscal second quarter starting on July 1, according to Hong Kong’s Secretary for Development Michael Wong, similar to the same period last year when land supply was just enough to build 160 flats. With the dismal supply, local authorities will have to turn to the subway operator MTR Corporation, the Urban Renewal Authority (URA) and private developers for new homes to meet demand in the city of 7.5 million people. Total housing supply could top 7,050 units this fiscal year, inclusive of 5,200 new flats from other sources and 1,650 units from the first quarter, bringing the total to about 55 per cent of the target of 12,900 apartments.
Tags : INTERNATIONAL residential Developers Housing Hong Kong Land Supply Shrinks affordable urban centres Urban Renewal Authority