Hong Kong developers clear stock amid strong demand and shrinking supply

Hong Kong developers released nearly 300 new flats to the market amid enthusiastic demand from potential homebuyers as the latest official data show completion of private residential units is set to decline this year and next.By 6pm, all 218 units at the One Victoria Cove Phase I in Hung Hom, jointly developed by Henderson Land Development, Hysan Development and Empire Group, were sold, while at the Pavilia Farm III atop Tai Wai station in Sha Tin by New World Development (NWD) and MTR Corporation, all 75 flats had found buyers, according to agents.The brisk sales came amid an estimated 8 per cent decline in the completion of new private residential units this year compared to the previous year, according to the latest data from the Rating and Valuation Department (RVD).