MIP: Hong Kong's private residential completions in the first seven months of the year accounted for less than 40% of the annual target, expected to be difficult to achieve this year.

According to data from the Hong Kong Buildings Department, 1608 private residential units were completed in July, an increase of over 40% from June's 1136 units. However, Kelvin Lau, Chief Analyst of U.S. Property, pointed out that for the first 7 months of the year, a total of 8423 private residential units were completed in Hong Kong, accounting for only about 37.8% of the Hong Kong Rating and Valuation Department's target of 22267 units for the whole year. This means that more than 13800 units will need to be completed from August to December in order to meet the target, making it difficult to achieve this year. Of the 8423 units completed in the first 7 months of this year, about 60% have already been sold. As of September 23, out of the 8423 units completed in the first 7 months, around 5101 units have been sold, with a sales rate of about 60.6%, while the remaining approximately 39.4% of units have not yet been put on the market for sale. Among the 8423 units completed in the first 7 months of this year, the New Territories had the highest number of private residential units completed, with 5551 units, including NOVO LAND 2A and 2B (1658 units), Yoho West in Tuen Mun Phase 1 (1393 units), University Hill 2A and 2B in Tai Po Pak Shek Kok (1295 units), The Glades in Tuen Mun (693 units), and Phase 2 of Park Yoho in Yuen Long (400 units), as well as 112 units at 266 Tai Shing Leng Road. In Kowloon (including Sai Kung), there were a total of 2467 private residential units completed in the first 7 months of this year, with larger developments such as The Met. Acappella in Tai Kok Tsui (614 units), T Plus at Kai Tak (566 units), 9 Yau Tong Road in Penfold Path (332 units), and Hoi Yu Estate in Kowloon Bay (294 units). As for Hong Kong Island, only 405 units were completed in the first 7 months of this year, a relatively low number, mainly due to the historical lack of new supply in the area and the small project sizes.