Residential construction in Hong Kong reaches 16-year high

Developers started building a total of 25 500 private apartments in 2016, an increase of 80% from 2015, the Transport and Housing Bureau announced on Friday. This is the highest since 2000, when 30 100 housing units were started. According to the bureau, some 94 000 units will become available to buyers in the next three to four years.

Construction started on about 6400 private units in 4Q16, more than double what it had been in the previous three months. This indicates that the November curbs caused by raised stamp duty in an attempt to reign in rising prices, have not yet slowed the pace of building by developers.

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