TNAG-2126-FCO40-3036-Investment-in-Hong-Kong-1990 — Page 64

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22.

As regards the supply of new flatted

factory space, completions fell by 30% in 1989, after

a substantial increase of 1308 in 1988. With a low

take-up rate for new industrial buildings, the vacancy rate rose from 4.5% at end-1988 to 5.18 at

end-1989.

Table 5

23.

(d) Building consents

For 1989 as a whole, planned property

developments, in terms of the total usable floor area

on building plans for which consent to commence work

was given, increased by 3% (Table 5). Most of the increase occurred in the fourth quarter of the year.

24.

Analysed by sub-sectors, consents for

commercial, industrial, and other types of property

(such as hotels, cinemas and school buildings)

increased by 28%, 12% and 52% respectively in 1989,

while consents for residential property decreased by

24% in terms of units and by 17% in terms of floor

area.

25.

(e) Land disposal

In the fourth quarter of 1989, 11.0

hectares of land were offered for sale at Government

auctions and by tender (including Letter A/B

tenders). For the year as a whole, a total of 33.5 hectares of land were sold, comprising 4.4 hectares

for industrial use and 29.1 hectares for

non-industrial use. Response at the auctions tended to vary with the type of site put to sale. Prices fetched for residential sites were generally above

expectations, consistent with the recovery in the

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