Melin: The number of newly completed private homes in Hong Kong in the first two months of this year hit a four-year low, and it is expected that the number of completions will continue to decline from the high levels.

In Hong Kong, the number of completed private residential units continues to decline. According to data from the Research Center of Midland Realty, a total of 1624 private residential units were completed in February, a decrease of about 13.9% compared to the 1886 units completed in January, marking a two-month consecutive decline and reaching a new low in five months. In the first two months of this year, a total of 3510 private residential units were completed, a slight decrease of about 2.3% compared to the same period last year, and reaching a new low for the same period in four years. Midland Realty's chief analyst Liu Jiahui pointed out that if compared to the Lands Department's estimated total completion of 20860 units for the whole year, the completion in the first two months of this year would account for about 16.8% of the annual target. It is worth noting that even if the completion target for this year is met, it will still be a decrease of about 14% compared to last year's 24300 units. The Lands Department estimates a further decline to 20100 units next year, indicating a trend of high-level decline in completion. In recent years, land sales have decreased. The estimated number of units that can be built from land sales in the just concluded fiscal year (24/25) is about 8930 units, a consecutive decline for three years and the first time falling below 10,000 units since the government actively promoted land sales. As land supply gradually decreases, it is believed that the completion of units will gradually decrease in the next few years. Looking back at the 3510 private residential units completed in the first two months of this year, 3337 units were in Kowloon, accounting for approximately 95.1%; only 173 units were in Hong Kong Island, accounting for approximately 4.9%; and no private residential units were completed in the New Territories. Of the private residential units completed in the first two months of this year, about 40% have already been sold. According to Midland Realty data, as of April 23 this year, approximately 1425 units of the 3510 units completed in the first two months have been sold, with a sales rate of about 40.6%.