Annual Report of the Construction Industry of China Hong Kong 2007-2008
An Annual Report of the Construction Industry of China Hong Kong
2007-2008
prepared by AsiaConstruct Team Research Centre for Construction and Real Estate Economics Hong Kong Polytechnic University
(www.bre.polyu.edu.hk)
for The 14th AsiaConstruct Conference 23rd – 24th October 2008 Tokyo, Japan.
AsiaConstruct14 Team:
Michael Anson1, YH Chiang2, Eddie CM Hui2, Patrick TI Lam 2, Stephen WK Mak2, HY Ng2 and Eva XT Yin2,
1 Professor Emeritus, Faculty of Construction and Land Use, The Hong Kong Polytechnic University. 2 Department of Building and Real Estate, The Hong Kong Polytechnic University.
About the Research Centre for Construction and Real Estate Economics (RCCREE): The RCCREE is the Hong Kong Polytechnic University Centre for solution oriented research and consultancy in construction and real estate economics. It undertakes internationally relevant multi-disciplinary research that supports the advancement of the construction and real estate industries in the following areas: Economic Policy and Institutional Analysis, Real Estate Economics, Construction Economics, Housing, Human Behaviour in Economic Decision making, and Value Management and Facilities Performance. For further information, please contact Professor Francis K.W. Wong, Director of RCCREE (bskwwong@polyu.edu.hk) or Professor Eddie C.M. Hui, Deputy Director (bscmhui@polyu.edu.hk).
October 2008
1
COUNTRY REPORT
[As at October 2008, ¥1,000 = HK$ 73.14; HK$1 = ¥13.67; US$ 1 = HK$ 7.76]
1.
EXECUTIVE SUMMARY
Hong Kong enjoyed a high growth rate in GDP in 2007 (6.4%), with a per capita GDP of US$29,914. While the service sector saw the highest growth (7.4%), the growth rate of the construction sector was 0.04%. The construction sector recorded a positive growth rate since 1997. The Economics outlook for the first half of 2008 was still optimistic. However, the consequences following the collapse of the property market in US, the bankruptcy of Lehman Brothers and the bail
2007-2008
prepared by AsiaConstruct Team Research Centre for Construction and Real Estate Economics Hong Kong Polytechnic University
(www.bre.polyu.edu.hk)
for The 14th AsiaConstruct Conference 23rd – 24th October 2008 Tokyo, Japan.
AsiaConstruct14 Team:
Michael Anson1, YH Chiang2, Eddie CM Hui2, Patrick TI Lam 2, Stephen WK Mak2, HY Ng2 and Eva XT Yin2,
1 Professor Emeritus, Faculty of Construction and Land Use, The Hong Kong Polytechnic University. 2 Department of Building and Real Estate, The Hong Kong Polytechnic University.
About the Research Centre for Construction and Real Estate Economics (RCCREE): The RCCREE is the Hong Kong Polytechnic University Centre for solution oriented research and consultancy in construction and real estate economics. It undertakes internationally relevant multi-disciplinary research that supports the advancement of the construction and real estate industries in the following areas: Economic Policy and Institutional Analysis, Real Estate Economics, Construction Economics, Housing, Human Behaviour in Economic Decision making, and Value Management and Facilities Performance. For further information, please contact Professor Francis K.W. Wong, Director of RCCREE (bskwwong@polyu.edu.hk) or Professor Eddie C.M. Hui, Deputy Director (bscmhui@polyu.edu.hk).
October 2008
1
COUNTRY REPORT
[As at October 2008, ¥1,000 = HK$ 73.14; HK$1 = ¥13.67; US$ 1 = HK$ 7.76]
1.
EXECUTIVE SUMMARY
Hong Kong enjoyed a high growth rate in GDP in 2007 (6.4%), with a per capita GDP of US$29,914. While the service sector saw the highest growth (7.4%), the growth rate of the construction sector was 0.04%. The construction sector recorded a positive growth rate since 1997. The Economics outlook for the first half of 2008 was still optimistic. However, the consequences following the collapse of the property market in US, the bankruptcy of Lehman Brothers and the bail