Hong Kong Private Home Completions Fall 59.7% In May

Hong Kong private residential completions fell sharply in May, with 809 units completed, down 59.7% from 2,009 in April, according to Ming Pao. Ming Pao reported that the combined data from the Buildings Department, compiled by Midland Realty’s research centre, showed private home completions in the first five months of the year totaled 4,382 units, down about 41% from 7,426 a year earlier and the lowest for the same period in seven years since 2019. Midland Realty analyst Charmaine Shum said the five-month total accounted for about 25.8% of the Rating and Valuation Department’s full-year forecast of 16,975 units.