The Government will release quarterly statistics on private housing supply in the primary market to enhance transparency.
Anyone interested in obtaining the statistics and related information can access to a dedicated homepage established in the Housing, Planning and Lands (HPLB) website (www.hplb.gov.hk.)
The homepage will be in operation before the end of the week and information will be updated quarterly. The next update will be in January, 2005, and subsequently in April, July and October.
Statistics are provided under three areas -- the number of new residential units under construction; the actual completion of private residential units and the number of completed, but unsold, units.
There is a detailed explanatory note to help users to reconcile the data compiled in this form with the source data released by various government departments.
One of the administration's new initiatives in 2004 is to compile and release comprehensive housing supply statistics.
"Our aim is to try to enhance the transparency of the supply side of the private housing market by giving the public a clearer picture of the actual number of new units under construction as well as the quantity of unsold stock in the primary market at the end of each quarter," a spokesman for the Housing, Planning and Lands Bureau said.
"We want people to be readily able to get an overall view of the current market situation without having to go through a clutter of tables and charts. We want to put our data within the reach of a wider audience than seasoned practitioners, who are adept in handling bulky data sets," he said.
The spokesman cautioned that these figures should not be interpreted as depicting a full and complete picture of the future supply situation in the years to come.
"They portray only a partial picture in the form of a snapshot in the passage of time. Market circumstances do continue to evolve, and many things will happen after the snapshot is taken at the present moment. These happenings will bring about subsequent changes," he said.
The spokesman stressed that the Government was not interested in making supply forecast or influencing public perception of market trends.
"Purchasing any property involves substantial investment. Prospective home buyers should assess rationally and cautiously their own circumstances and all relevant market information before making such investment decisions," he said.
The spokesman said that the International Monetary Fund considered that the initiative in providing timely information about the Government's plans on the supply of land would help reduce uncertainty and mitigate any associated instability in property prices.
"We are encouraged by such international recognition of our efforts," he said.
Ends/Friday, November 19, 2004.
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