{"id":14970,"date":"2016-05-31T21:53:35","date_gmt":"2016-05-31T14:53:35","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/what-lower-corporate-packages-mean-for-hong-kong-real-estate-leases\/"},"modified":"2016-05-31T22:05:47","modified_gmt":"2016-05-31T15:05:47","slug":"what-lower-corporate-packages-mean-for-hong-kong-real-estate-leases","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/what-lower-corporate-packages-mean-for-hong-kong-real-estate-leases\/","title":{"rendered":"What lower corporate packages mean for Hong Kong real estate leases"},"content":{"rendered":"


\nHong Kong banking expats endure relatively austere times in living quarters
\nImage credit: Jerome Favre\/Bloomberg
\nWith dwindling expat packages, foreign bankers in Hong Kong are saying goodbye en masse to marble Jacuzzis and The Peak balconies.
\nBloomberg reports that Jones Lang LaSalle (JLL) has seen a halving in the number of foreign financiers with corporate packages who are seeking residential leasing and relocation services.
\nAccording to JLL, 54 percent of their expatriate clients in Hong Kong had monthly rental allowances of less than HKD30,000 (USD3,860) a month for the first quarter of 2016. Meanwhile, only 7 percent of clients benefited from allowances starting at HKD100,000 (USD12,880) a month.
\nCompanies are now wont to pay for quasi-expat packages with a less expensive housing subsidy or salary adjustments instead, Bloomberg reports.
\nMore: 5 reasons why Sheung Wan is the Brooklyn of Hong Kong
\nThese upheavals are occurring as Hong Kong grapples with falling housing prices \u2013 a level unseen since the deadly SARS epidemic of 2003 \u2013 and worsening job cuts.
\nReal estate agency Executive Homes Hong Kong Ltd observed that its partners now subsisted on cash packages from HKD80,000 (USD10,300) to HKD100,000 (USD12,880), as opposed to previous offers of HKD150,000 (USD ).
\nOn 17 May, a large residential government site in Tai Po, Hong Kong sold for HKD4.02 billion (USD517.54 million ), or just HKD3,620 (USD470) per sqft, the South China Morning Post reports. For comparison, a residential site in Shanghai\u2019s Pudong district overshot expectations and sold for CNY5.45 billion (USD828.45 million) the day after.
\nMeanwhile, Barclays Plc has eliminated hundreds of Hong Kong-based jobs since January.
\nIt\u2019s not all doom and gloom, however. Bloomberg reports that international fashion houses and global multinationals are still known to offer expat execs with packages as high as HKD300,000 (USD38,620).
\nHong Kong\u2019s average monthly household income is HKD24,800 (USD3,190).
\n
\nSource : property-report.com
\nRead more…What lower corporate packages mean for Hong Kong real estate leases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Hong Kong banking expats endure relatively austere times in living quarters Image credit: Jerome Favre\/Bloomberg...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-14970","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-3Ts","jetpack-related-posts":[{"id":21580,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/with-banking-expats-leaving-who-will-rent-hong-kong-luxury-apartments\/","url_meta":{"origin":14970,"position":0},"title":"With banking expats leaving, who will rent Hong Kong luxury apartments?","date":"August 1, 2016","format":false,"excerpt":"\r Wealthy professionals and entrepreneurs are seeping from mainland China into Hong Kong\u2019s high-end residences Victoria Harbour, Hong Kong. Image credit: akwan.architect (Flickr) Now that expatriates are coming in with far less meaty housing budgets, Chinese mainlanders are turning out to be a recourse for the prime Hong Kong residential\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13748,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-expat-bankers-downsize-drastically-as-housing-allowances-shrivel\/","url_meta":{"origin":14970,"position":1},"title":"Hong Kong expat bankers downsize drastically as housing allowances shrivel","date":"May 20, 2016","format":false,"excerpt":"\r Luxury rental market takes a hit with expats working in finance swapping HK$300,000-a-month flats with killer views for HK$80,000 places, and other expats on rental budgets of less than HK$30,000 \r \r Source : South China Morning Post\r Read more...Hong Kong expat bankers downsize drastically as housing allowances shrivel","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31975,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/where-the-hong-kong-mtr-goes-property-boom-follows\/","url_meta":{"origin":14970,"position":2},"title":"Where the Hong Kong MTR goes, property boom follows","date":"October 28, 2016","format":false,"excerpt":"\r Fierce bidding ahead Li Wa\/Shutterstock Two districts in Kowloon, Hong Kong are currently experiencing an uptick in home sales, courtesy of an expanding rapid transit line. Residential capital values in the city\u2019s Whampoa and Ho Man Tin districts have risen 95 percent and 80 percent respectively since the gazetting\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":119337,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/desperate-hong-kong-office-landlords-may-ditch-fixed-monthly-rent-for-membership-schemes-to-lure-tenants-as-covid-19-changes-work-habits-says-jll\/","url_meta":{"origin":14970,"position":3},"title":"Desperate Hong Kong office landlords may ditch fixed monthly rent for \u2018membership\u2019 schemes to lure tenants as Covid-19 changes work habits, says JLL","date":"November 25, 2020","format":false,"excerpt":"\r Hong Kong\u2019s office rental market is likely to undergo a radical change, with some landlords switching to a \u201ctiered membership\u201d model similar to that used by co-working space providers, according to property services giant JLL.As the Covid-19 pandemic continues to wreak havoc in the world\u2019s most expensive commercial property\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":95073,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-property-prices-still-have-room-to-rise-jll\/","url_meta":{"origin":14970,"position":4},"title":"Hong Kong property prices still have room to rise: JLL","date":"July 31, 2018","format":false,"excerpt":"\r Demand for properties is still strong in Hong Kong, which will push prices higher even if interest rates are rising, says Denis Ma, head of research, Hong Kong at JLL.\r \r Source : cnbc.com\r Read more...Hong Kong property prices still have room to rise: JLL","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":40344,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-hong-kong-prices-wont-stop-rising-in-2017\/","url_meta":{"origin":14970,"position":5},"title":"Why Hong Kong prices won\u2019t stop rising in 2017","date":"January 11, 2017","format":false,"excerpt":"\r No worries, no (downward) pressure despite stamp duty The Central-Mid-Levels escalator and walkway system in Hong Kong is the longest outdoor covered escalator system in the world. Pelikh Alexey \/ Shutterstock.com Analysts do not expect home values in Hong Kong to stop rising this year, new stamp duties notwithstanding.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/14970"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=14970"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/14970\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=14970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=14970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=14970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}