Banking cuts cause luxury rents to drop in Hong Kong - Telegraph
HSBC is shedding the most staff in the former British colony – announcing plans to axe 3,000 jobs over the next three years. Australian bank Macquarie, Credit Suisse and Goldman Sachs have all made cutbacks this year.
The loss of highly-paid bankers and financial services staff is beginning to have a knock-on effect on the property market in Hong Kong, particularly for luxury accommodation favoured by expats.
Yu Kam-hung, senior managing director of valuation and advisory services in Greater China for CB Richard Ellis, said: “On the leasing front, the holding back of the inflow of expatriates, particularly in the banking and finance sector, amid global market uncertainty will slow down the demand of luxury residential leasing. In the next twelve months, luxury residential rents are projected to drop between six and 10 per cent
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