According to the statistics of Midland Real Estate Data and Research Center, a total of 34 brand-new developments were launched in the first 11 months of this year, involving a total of 12,646 units, compared with 47 brand-new developments involving about 17,074 units launched in the same period last year, a year-on-year decrease of about 27.7% and about 25.9% respectively.

The decrease in number was accompanied by a drop in the sales ratio of brand new properties.

According to the information from the Residential Properties for Sale website, a total of 6,958 units were sold in the first 11 months of this year, representing a sales rate (based on the number of units sold in each new development against the total number of units in the project) of about 55%.

Compared to the same period last year when 10,528 units were sold in new developments, the sales rate was about 62%, which shows that both the number of units launched this year and the sales rate are not as high as last year.

The most direct impact of the decline in sales rate is the accumulation of the last of the goods. According to the data from the Property Data and Research Center of Midland Realty, the cumulative sales volume (including uncompleted and existing properties) in October was about 16,992 units, up about 3% from September's figure of 16,504 units.

A total of 5 new applications involving 2,919 units were filed in November, up about 1.8 times month-on-month.

Due to the significant increase in new applications in November, the cumulative number of units to be approved for pre-sale regained the level of more than 20,000 units, recording 20,579 units, of which more than 8,500 units, accounting for more than 40%, were recorded in projects with an uncompleted period of more than 30 months.

Due to the pre-sale requirement of 30 months for the floor plan, it is believed that the above units will not be launched in the market in the near future, and developers apply for pre-sale early to make the deployment more flexible.

On the other hand, although only Wong Chuk Hang Station Phase 4A (432 units) was approved for pre-sale in November, the total number of units for which pre-sale consents have been granted but not yet put up for sale still rose further to a high level of nearly 12,000 units, which is believed to be due to the recent slowdown in market conditions and the slowdown in the pace of development.

It is worth noting that if we take into account the pre-sale consents but have not yet put up new properties for sale, the total number of new properties exceeds 32,000 units, but it is believed that not many new properties can be launched in the near future.

This year by the impact of the epidemic and the economic impact, the new sales volume has been greatly reduced, resulting in the existing buildings and uncompleted properties recorded more than 20,000 units, I believe that developers are still mainly to the end of sales in the short term, may be until around the Lunar New Year, there will be a large number of new properties launched on the market.