Construction and completion of private residential units in Hong Kong last year slumped to the lowest since records began in 1997, underscoring the severe impact the global economic decline is having on the property market.

The latest figures from the Transport and Housing Bureau show only 8,000 units were being built by the end of last year, 38% fewer than the 12,900 units a year earlier. About 8,800 private project units were completed last year, down 16% from 10,500 units in 2007.

South China Morning Post