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13 building plans approved in Nov

The Buildings Department approved 13 building plans in November - two on Hong Kong Island, six in Kowloon and five in the New Territories.   Of the approved plans, eight were for apartment and apartment-commercial developments, two for commercial developments, one for factory and industrial developments, and two for community services developments.   Consent was given for works to start on 11 building projects which will provide 210,471 sq m of gross floor area for domestic use involving 2,595 units and 83,060 sq m for non-domestic use.   Additionally, the department received notification of commencement of superstructure works for nine building projects.   The department also issued 16 occupation permits - three on Hong Kong Island, five in Kowloon and eight in the New Territories.   Buildings certified for occupation have 53,034 sq m of gross floor area for domestic use involving 1,355 units and 168,627 sq m for non-domestic use. http://dlvr.it/Sh3Dtw

HK economic outlook positive: FS

Hong Kong’s economy is expected to resume a 3.5% to 5.5% growth in real terms this year, though the progress of economic recovery will hinge on the epidemic’s development.   Unveiling his 2021-22 Budget today, Financial Secretary Paul Chan told lawmakers that the economy will still face significant challenges in the first half of the year as cross-boundary and tourism activities take time to resume normal.   However, he said if people work together to control the epidemic and social stability is maintained, the economic recovery will likely gain a stronger momentum in the second half of the year in tandem with an anticipated rebound in the global economy.   On inflation, he expected external price pressures will remain modest, with the projected headline inflation rate and the underlying inflation rate at 1.6% and 1% this year.   The finance chief said in the medium term, Hong Kong will continue to benefit from the Mainland’s ongoing development and the shift in global economic gravity from West to East.   He predicted Hong Kong’s economy will see an annual average of 3.3% growth in real terms from 2022 to 2025, while the underlying inflation rate will average 2%.
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