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there will be enhancement of regulatory controls over the operation of registered occupational retirement schemes, and the prudential supervision of scheme administrators and pooled retirement schemes; and
a system would be developed to deal with benefit losses due to fraud or misfeasance of scheme administrators
End/Tuesday, February 21, 1995
Preliminary findings of property review 1995 released
The Rating and Valuation Department today (Tuesday) released the preliminary findings of the property review 1995.
The exercise to review production and activity in the property market last year and to forecast supply for 1995 and 1996 is nearing completion.
The preliminary findings on supply, forecast, take-up and vacancy for private domestic units, offices, commercial, flatted factories, and industrial-office category
are:
Private domestic
Small/medium units (Saleable area below 100 square metres)
The number of units completed in 1994, that is, with occupation permits issued in 1994, amounted to just over 32,100, a figure close to that forecast a year ago. This level of supply represents an increase of 20% over 1993.
The New Territories accounted for around 70% of the year's supply, with the largest concentration (7,100 units) in Sha Tin.
Take-up in 1994, at 22,430 units, was well below the year's supply, leading to an increase in vacancy at the year end to 4.7% of stock. However, it is important to note that 8,900 units, almost 28% of the year's supply, only received occupation permits in December. These accounted for 24% of units vacant at the year end.
The number of units forecast for completion in 1995 is around 24,100, and 1996 should see this rising a little to 26,100.