Building works for residential projects dropped 6.5% to $15.2b.
The value of construction works in Hong Kong reversed the positive momentum in Q2 after edging down by a marginal 1.1% YoY to $60.3b in Q3 as home-building activities slowed down, according to the Census & Statistics department.
The value of construction works related to residential projects fell 6.5% YoY to $15.2b in Q3 as the government embarks on a more focused approach to Hong Kong’s housing crisis.
Similarly, the value of construction works related to transport projects crashed 25% YoY to $8.7b. However, a number of blockbuster transport projects in the pipeline may just provide the necessary boost to the sector including a USD18b proposal for a third runway and terminal for the Hong Kong International Airport; a USD8.4b Shatin-Central Link connecting MTR’s East Rail and West Rail Lines to Admiralty on Hong Kong Island and a $4.6b Central-Wan Chai Bypass.
Construction works at public sector sites narrowed the gap with private sector sites at $17b compared to the latter’s $17.3b. However, building activities across the board declined by 18.7% and 3.3% respectively.
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