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10.
Within this broad group of retained imports, declines of varying degrees were recorded for different categories of capital goods in the
fourth quarter of 1989. Retained imports of air conditioners and air conditioning machines showed the
largest decline, by 52% in value terms, followed by 44% for scientific and optical instruments and apparatus, and 37% for construction machinery. the other hand, the decline in retained imports of
office machinery was only 18 (Table 3).
Investment in property
On
(all growth rates quoted in this section are on a year-on-year comparison and are expressed in real terms, unless otherwise indicated)
11.
(a) General situation
The recovery of the property market, which started in late July 1989, was sustained into the fourth quarter. The pace of recovery varied between sub-sectors, however. During the fourth quarter,
there were signs of speculative activities continuing in the residential property market, particularly on pre-completion sales of small to medium-sized flats. Speculation was not apparent in the markets for offices, shopping space and flatted factory premises.
12.
The residential property market as a whole
showed a good performance in the fourth quarter. Among the various sub-sectors, the strongest demand
was shown for small residential flats of 69.9 square
metres and below. The demand for luxurious serviced
flats was, however, relatively weak.
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