Thursday, January 1, 1970
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Forty-two per cent of all new accommodation is now being brought and occupied by owners and their families so that much of this type of housing is not, and will not be, affected by rent
increases.
Of premises subjected to rent increases, those in the large flat category (over 1,000 square feet) are most affected and heavier rent increases have become apparent during 1969. This results from a shortage of supply and an influx of new business houses The situation is to Hong Kong requiring staff accommodation.
unlikely to ease until well into 1971.
There is also a shortage of small and medium flats (less than 650 square feet and 650 to 1,000 square feet respectively), and Rents the pressure of rent increases is now being felt there. are being increased in these but still not as much as in large flats. This trend is partly offset by owner-occupation.
Tenement Accommodation
Seventy per cent of the privately owned postwar accommodation does not, of course, fall within these descriptions of small, medium or large flats. In this group, officially known as
tenements, rent increases have been noted but they are small and still well below the previously highest recorded levels
reached in 1964.
The rent situation in flatted factories results also from acute
shortage. Pressure on flatted factory rents should ease later this year as more become available.
Shop rents, although now on an upward trend, are still generally below the previously highest recorded levels of 1964.
* Vacant office premises are now filling up.
Office rents in
the main business area which have been going down for most of 1969 are now beginning to rise. Rents for secondary office
/buildings
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