The Hong Kong government announced that the construction and completion of residential units had both doubled in the third quarter, in an attempt to ramp up supply to dampen the overheated real estate market.
The actual completion of private residential units climbed to 4,100 units in the third quarter, up from 2,100 units in the second quarter, taking the total figure to 11,100 units so far this year, said the Transport and Housing Bureau in a statement.
Construction of private residential units surged to 5,100 units in Q3, up from 2,500 units in Q2, bringing the total number to 11,700 units for the first nine months of the year, the bureau said.
Hong Kong faces the risk of a property bubble, and the government has introduced several market-cooling measures.
Earlier, the Hong Kong government had announced that it would restrict immigration based on property investment, and would provide adequate supply of land over the next 10 years in order to increase housing supply to approximately 20,000 units per year, from the current 10,000 to 15,000 units.
Housing prices in Hong Kong have increased nearly 50 percent since the start of 2009, driven by demand from mainland Chinese and low interest rates that mainly track US monetary policy as the Hong Kong dollar is pegged to the US dollar.