It is projected that in the coming months, 12 residential sites will be converted into developed land, providing approximately 3,700 units of supply. Additionally, the number of approved but yet-to-commence construction units on developed land has increased by 1,000 units per quarter, reaching approximately 20,000 units.

The remaining unsold residential units have also increased by 1,000 units per quarter, reaching 18,000 units. If calculated on an average over three to four years, the annual supply is expected to be around 26,000 to 35,000 units, representing an increase of approximately 70% to 130% compared to the average annual absorption of 15,100 units over the past five years.

While the supply of private residential units is expected to reach unprecedented levels, the construction and completion figures from the previous quarter were relatively low, potentially leading to changes in the market's supply-demand situation.

The government needs to closely monitor the dynamics of the real estate market and adjust housing policies accordingly to ensure that the supply can meet demand and maintain market stability.

In the long term, the government anticipates a total housing demand of 432,000 units over the next ten years, with a supply target set at 440,000 units, representing an increase of 10,000 units from the previous year.

The supply target for public housing is set at 308,000 units, while the supply target for private housing is set at 132,000 units, maintaining a ratio of 70:30 for public to private housing. These figures underscore the government's commitment to addressing Hong Kong's housing issues.

However, the construction figure for the previous quarter was 3,200 units, representing a quarterly decline of approximately 47%. While the cumulative construction figure for the first three quarters of this year has exceeded the 2022 annual figure of 11,000 units, it still falls short of the annual average construction figure of 16,200 units from 2018 to 2022.

Additionally, only about 10,100 units were completed in the first three quarters of this year, reaching only about 51% of the projected 19,953 units for the entire year, suggesting that the annual completion figure may not reach the target.