According to Yang Mingyi, Senior Co-Director of Centaline Property Research, the number of new private residential properties in Q2 2023 rose to a post-2003 high of 19,085 units. The proportion of new flats sold rose again to a high level of 15.1%, indicating that developers are actively promoting new flats for sale. The backlog of new flats in the first-hand market is due to a slowdown in sales, despite developers' proactive efforts in launching new flats. The continued high interest rate and property market adjustment have led to poor sales of new properties recently.

If the situation does not improve, it is expected that the number of new flats sold in the third quarter of this year may rise to a dangerous level of 20,000 units. It is believed that the Government must introduce more favorable measures to help the property market develop healthily.

In Q2 2023, a total of 330 new developments were selected, with a total of 126,076 units and 106,779 units registered as sold. There were 19,085 unsold units, an increase of 1,284 units quarter-on-quarter and a nearly 20-year high after the 22,000 units sold in the fourth quarter of 2003, while the proportion of unsold units was 15.1%. The proportion of tailings was 15.1%, up 0.6 percentage points quarter-on-quarter and around the 15% level for the third consecutive quarter.

By district, the largest quarter-on-quarter increase in the number of unfilled units in Q2 2023 was recorded in Kowloon, up by 838 units to 8,326 units. The increase was concentrated in two districts, Wong Tai Sin by 442 units and Ho Man Tin by 421 units. In the New Territories, there was an increase of 564 units to 8,481, mainly due to an increase of 668 units in Tuen Mun. Hong Kong Island decreased by 118 to 2,278.

The districts with more end-of-life units in Q2 2023: 3,210 in Wong Tai Sin, 1,779 in Kwun Tong, 1,555 in Tseung Kwan O, 1,542 in Tuen Mun, 1,495 in Tai Po and 1,442 in Yuen Long.

In terms of developers, the number of new flats under SHKP's portfolio increased by 1,024 quarter-on-quarter to 3,567 in Q2 this year. Wheelock increased by 213 to 1,468. Henderson increased by 156 to 2,609.