Luxury Apartment Rents Fall 30%



Posted by Ed 5 days ago
Rental charges at Hong Kong’s ultra-luxury abodes fall by 30 per cent as expatriates and mainland Chinese renters stay away
  • Three-storey town houses of around 3,000 square feet (279 square metres) at the South District and on The Peak are now available for between HK$150,000 and HK$200,000 per month, up to 30 per cent less than what they were three to four months ago, agents said
  • Other agents have noted declines of between 5 per cent and up to 7 per cent in rental charges
Hong Kong’s monthly leases for ultra luxury residences have fallen by almost a third, as three successive months of street protests and the ongoing drought of high-paying financial jobs have deterred expatriate and mainland Chinese renters.
“Besides expatriates, mainland Chinese renters are also hesitating to move to Hong Kong, and those living in Hong Kong are also considering whether to continue living here,” he said. “Some who were looking for places have also stopped.” 
Inquiries for luxury home leases have also dried up, said Wong, as banks – the traditional employers of some of the city’s highest-paying jobs – are cutting back on senior positions amid a drought of initial public offerings (IPOs), mergers and acquisitions and other financing deals in a declining stock market. 


Ed 5 days ago
Hong Kong’s biggest developer, Sun Hung Kai Properties, has bowed to the pressure of a slumping housing market, pricing a batch of flats near protest-hit Sham Shui Po about 25 per cent below the prevailing market rate.

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