• CBRE’s Comments on Hong Kong SAR Government’s Budget 2021/2022

    25 February 2021

    Marcos Chan, Head of Research, CBRE Hong Kong:

    • The further reduction in private residential units offered under government development sites signals the potential shortfall in the medium-term residential supply in and around 2025-2027.
    • The government expects only an average of 18,000 private residential units to be completed in each of the next five years, lower than the 19,600 units given last year. Shortage in future supply will continue to provide support for private residential capital values.
    • Only three commercial sites are earmarked for tender in the next financial year, which is less than that offered in last year’s Budget Speech in terms of both the number of sites and the GFA area involved. However, a lighter touch on commercial land is perhaps appropriate at a time when office and retail space supply is abundant in the pipeline.

    The government’s study to rezone five commercial sites in Kowloon East for residential use will help fuel the long-term residential supply pipeline but reduce the attractiveness of Kai Tak as a designated commercial hub under the CBD2 planning regime.

    CBRE.com.hk

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