TNAG-1646-FCO40-2293-Chinese-investment-in-Hong-Kong-1987 — Page 44

Table 6

206

CONFIDENTIAL # ≈

- 9

18.

Completions of private shop premises

continued to decline for the fourth consecutive

year, apparently still adjusting to the over-supply situation in the previous years. Compared with

1985, a decline of 30% in terms of floor area was registered in 1986.

19.

As regards private sector residential property, the number of units completed increased by

14% in 1986 over 1985.

20.

(d) Building consents

In line with the revival of activity in

the property market, the total usable floor area of private sector projects for industrial and commercial property for which consent to commence work was given in 1986 increased by 20% and 204% respectively over the levels in 1985.

The very

substantial increase in 1986 in planned developments in respect of commercial property was the first increase recorded after four consecutive years of decline. As regards private sector residential property, building consents increased by 5% in terms of floor area in 1986; in terms of the number of units, there was, however, a decline of 10%. suggests that some developers have shifted towards producing larger flats, as the demand for such

flats continued to be strong (Table 6).

(e) Land disposal

This

21.

A total of 28.8 hectares of land were

offered for sale at Government auctions and by

tender (including Letter A/B tenders) during 1986.

The sites put out generally met with a favourable

CONFIDENTIAL #