Public rental housing supply crashed 26% y/y to 24,800 units

The number will catch up next year.

The Housing Authority expects 24,800 public rental housing units would be available for allocation to applicants in the current fiscal year.

According to a research note from Barclays, this is down 26% y/y.

For the current fiscal year, the Housing Authority only expects to complete 8,900 flats; the rest of the supply comes from refurbishment.

The Housing Authority expects that this may result in the average waiting time rising above its targeted three years for a short period.

The delayed flats are expected to be completed next year and there should be at least 37,000 units for allocation in FY2015/16 and the Housing Authority expects its three-year waiting time pledge should then be met again.