TNAG-1640-FCO40-2287-Economic-situation-in-Hong-Kong-1987 — Page 12

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Table 5

by 15% in terms of floor area in the first nine months of 1987 (Table 5). Against this reduced supply, the demand for industrial floor space particularly in the established industrial areas remained firm.

Table 6

17.

Completions of private sector office space increased by more than two-fold in terms of floor area in the first nine months of 1987 over the same period in 1986, largely because of a substantial amount of completions during the second quarter. Notwithstanding a decline in the third quarter, completions of shop premises in the private sector showed an increase of 29% in the first nine months of 1987 over a year ago.

18.

As regards private sector residential property, completions increased by 10% in terms of units in the first nine months of this year over the same period last year.

19.

(a) Building consents

Planned developments of all types of private sector property combined, in terms of the total usable floor area on building plans for which consent to commence work had been given, showed a year-on-year increase of 18% in the first nine

months of 1987. Underlying this overall increase, building consents for industrial property rose by 5%. A decrease of 30% in consents was recorded for commercial property, following a substantial increase in 1986. As regards private sector residential property, building consents increased by 22% in terms of floor area, and by 14% in terms of units (Table 6). This suggests that developers

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