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HK real estate falls 5% in 4th quarter

HONG Kong housing prices fell 5 percent from a year earlier in the fourth quarter last year, and rents dropped 1 percent, the city's Rating and Valuation Department said in its annual report on the real estate market.

Housing completions will rise to 14,740 units this year from 8,780 last year, and will be 12,600 next year, according to the Hong Kong Property Review 2009, released by the government department yesterday.

However, housing completions have been lower than the initial projections for the past two years, Bloomberg News reported.

The higher forecasts this and next year "reflect the will of developers, but as these buildings take two to five years to complete, it may not tally exactly (with) the upturn or downturn of the economy," P.K. Tang, deputy commissioner of the department, said in a briefing.


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