HK to increase housing supply by 59,000 units in 4 years
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A total of 59,000 residential units will be completed in Hong Kong over the next three to four years, said the authority Hong Kong on Friday.
Speaking at a radio talk show, Secretary for Development Carrie Lam said the supply comes from three sources, units which have been completed and are on sale already, those that are still under construction and those which are developed through lease modifications. The figure has already excluded uncompleted units which have been sold.
As many as over 9,000 units were developed through lease modifications last year. Sometimes a single large-scale project alone can give several thousands units, she added.
Using the average figure for the past five years, she expected more than 4,000 units will be developed or redeveloped in 2011-12 by private developers through lease modifications.
