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WEDNESDAY, JANUARY 30, 1985
ALL THIS ACTIVITY IN BOTH THE PRIVATE AND PUBLIC SECTORS, MR FORD OBSERVED, REQUIRED A BUILDING INDUSTRY WHICH COMBINED SOLID PERFORMANCE WITH A SPIRIT OF INNOVATIVENESS AND A WILLINGNESS TO ADOPT NEW TECHNOLOGIES.
HONG KONG NEEDED AN INDUSTRY WHICH CONTINUED TO BUILD ON ITS UNDOUBTED PROVEN ABILITY BY ABSORBING NEW IDEAS AND TECHNIQUES, AND BUILDING PROFESSIONS WHICH WERE CONCERNED WITH ENRICHING THE ENVIRONMENT.
+1 BELIEVE THIS EXHIBITION WILL ASSIST IN ACHIEVING THESE GOALS, AND I AM DELIGHTED THAT THE BODIES REPRESENTING THE INDUSTRY AND PROFESSIONS ARE AFFIRMING THIS BY THEIR GENEROUS SPONSORSHIP,+ MR FORD CONCLUDED.
PROPERTY MARKET VACANCY RATES FALL
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VACANCY RATES IN ALL MAJOR SECTORS OF THE PROPERTY MARKET FELL LAST YEAR, ACCORDING TO PRELIMINARY RESULTS OF THE LATEST PROPERTY REVIEW.
THE DECLINE WAS DUE TO A GOOD TAKE-UP OF ALL KINDS OF PREMISES INCLUDING PRIVATE DOMESTIC UNITS, COMMERCIAL SPACE, FLATTED FACTORIES AND OFFICES.
RELEASING THE FINDINGS TODAY (WEDNESDAY), A SPOKESMAN FOR THE RATING AND VALUATION DEPARTMENT STRESSED THAT THE FIGURES QUOTED WERE PRELIMINARY AND FULL DETAILS WOULD BE PRESENTED IN THE +PROPERTY REVIEW 1985+ EXPECTED TO BE PUBLISHED IN APRIL.
WITH REGARD TO THE OVERALL FIGURE FOR PRIVATE RESIDENTIAL UNITS, ESTIMATED VACANCIES HAD DECREASED FROM 24 400 AT THE END OF 1983 TO 22 400 AT THE END OF 1984, HE SAID.
WITH OVER 30 000 UNITS EXPECTED TO BE COMPLETED IN 1985, IT APPEARED THAT A REASONABLE BALANCE BETWEEN SUPPLY AND DEMAND WOULD BE MAINTAINED, HE SAID.
AS FOR THE LARGER PRIVATE UNITS, THERE HAD BEEN A MARKED INCREASE IN THE TAKE-UP OF LARGER (100 SQUARE METRES AND OVER) DO ESTIC FLATS, FROM 1 800 IN 1983 TO 2 800 IN 1984. WITH PLETIONS DOWN ON FORECAST THE VACANCY RATE HAD FALLEN SiNIFICANTLY. FROM 9.9 PER CENT AT THE END OF 1983 TO 6.4 PER CENT AT THE END OF 1984.
AROUT 2 200 NEW LARGE FLATS WERE EXPECTED TO BE COMPLETED IN 1985. * 1984'S LEVEL OF DEMAND IS SUSTAINED IT IS THEREFORE LIKELY THAT VACANCIES WILL CONTINUE TO FALL, HE SAID.
/SUPPLY CF