US Union: In the next ten years, the Hong Kong Private Housing Service will focus on new housing at a historic low level, and new housing will be concentrated in public housing

The Zhitong Finance App learned that the 2026 annual progress report on the “Long-term Housing Strategy” published by the Hong Kong Government indicates that the total housing supply target for the next ten years is 420,000 units, of which the private housing supply target is 126,000 units. Midland Property analyst Shen Songqian believes that this means that the average annual land sales target for the next ten years will be about 12,600 units, which will remain unchanged for 2 consecutive years. The figure has drastically decreased by about 37% compared to the previous peak of about 20,000 units, a new low since maintaining the record.

The 10-year supply target of the “Long-term Housing Strategy” is not a hard upper limit for the government's annual land supply. In recent years, the Hong Kong Government has been active in land development and accelerated housing development, and is often adjusted according to market needs. Actual supply in some years was even higher than the original target, especially in 25/26, 22/23, and 21/22.

The land sales plan for the first half of this fiscal year (April to September) is even more prominent. It is possible to build 12,430 units of land in just half a year, which is close to the annual supply target of 12,600 units. I believe the actual supply for this fiscal year is expected to once again surpass the target, further confirming the government's determination to speed up land promotion.

Shen Songqian added that since the ratio of new public and private housing supply was adjusted to 73 in 19/20, the share of private housing in the overall new housing stock has decreased. According to data, in the seven years from 19/20 to 25/26, the average number of land constructable units actually absorbed each year was about 14,670 units, a decrease of about 20% from the average of 19,460 units per year in the previous seven years (12/13 to 18/19). As the share of private housing supply in overall new housing has declined, it is reflected that the current housing policy is more focused on increasing the supply of public housing to meet the urgent needs of society for public housing.

In long-term housing supply planning, the northern metropolitan area is an important source of future supply. With the gradual improvement of infrastructure, transportation and community facilities in Beidu, the housing supply in the region will help meet future population growth and housing needs, as well as provide living space for innovation and technology, industrial development and talent introduction.