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Property transactions
Following is a question by the Hon Eric Li and a reply by the acting Secretary for Housing, Mr Fung Tung, in the Legislative Council today (Wednesday):
Question:
Since June 1994, the Government has implemented administrative measures to regulate property transactions and to curb property prices in order to enable families in need of a home to have the opportunity to purchase for the first time at relatively reasonable prices. In this connection, will the Government inform this Council:
(a) of the number of new residential flats completed between June 1994 and October this year;
(b) what is the number of flats for which transactions have been concluded during the above-mentioned period; whether there is information to show how many of the transactions are in respect of flats purchased by first-time home-buyers; and what is the average vacancy rate during the period; and
(c) whether the number of first-time home-buyers and the number of new residential flats referred to in the above-mentioned period have shown an increase when compared with the corresponding figures in each of the 3 years immediately before the implementation of the measures to regulate property transactions; if not, what are the reasons?
Answer:
Mr President,
Since the introduction of the anti-speculation measures in June last year,
a) the number of new residential flats completed up to October 1995 is 76,107 units, including all private and public housing flats;
b) the number of transactions concluded during the same period is 128,738. We have no records showing the number of transactions involving first-time home-buyers. The vacancy rate for private domestic flats, which is compiled on an annual basis, was 4.7% in 1994;