Hong Kong Rating and Valuation Department: 1,564 private residential units completed in the first quarter, reaching a near seven-year low.

The latest "Monthly Supplement on Hong Kong Property Report" from the Hong Kong Rating and Valuation Department shows that in March, there were 404 units completed in the private building sector in Hong Kong, a decrease of 664 units or 62.17% compared to the previous month. The cumulative number of completions in the first quarter of this year is around 1564 units, a decrease of 3922 units or 71.49% compared to the same period last year, reaching a near 7-year low. This accounts for approximately 9.21% of the estimated total completions for the year, which is 16975 units according to the Hong Kong Rating and Valuation Department. In March, there were 389 units of type A with a usable area of less than 431 square feet, accounting for approximately 96% of the total completions in the period; 12 units of type B with a usable area of 431 to 752 square feet, accounting for approximately 3% of the total completions; and 3 units of type E with a usable area of 1722 square feet or above, accounting for approximately 1% of the total completions. In terms of regional distribution, in March, 161 units were completed in Hong Kong Island and 243 units in the New Territories; in the first quarter, 254 units were completed in Hong Kong Island and 1305 units in the New Territories, with 5 units completed in Kowloon.