{"id":21580,"date":"2016-08-01T18:32:42","date_gmt":"2016-08-01T11:32:42","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/with-banking-expats-leaving-who-will-rent-hong-kong-luxury-apartments\/"},"modified":"2016-08-01T18:40:30","modified_gmt":"2016-08-01T11:40:30","slug":"with-banking-expats-leaving-who-will-rent-hong-kong-luxury-apartments","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/with-banking-expats-leaving-who-will-rent-hong-kong-luxury-apartments\/","title":{"rendered":"With banking expats leaving, who will rent Hong Kong luxury apartments?"},"content":{"rendered":"


\nWealthy professionals and entrepreneurs are seeping from mainland China into Hong Kong\u2019s high-end residences
\nVictoria Harbour, Hong Kong. Image credit: akwan.architect (Flickr)
\nNow 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 market.
\nLondon-based real estate services company Savills Plc has observed a conspicuous shift in high-end tenant profiles over recent months toward Chinese mainlanders who have recently obtained Hong Kong identity cards, Bloomberg reported.
\n\u201cMany of these tenants would have moved to Hong Kong seven years ago and are typically wealthy professionals or business owners rather than bank employees,\u201d Simon Smith, Savills\u2019 senior director for research in the Asia-Pacific region, reported.
\nA monthly budget ranging from HKD40,000 (USD5,000) to HKD100,000 (USD13,000) dominates Hong Kong\u2019s luxury residential market, according to Savills.
\nSmith reported that housing budgets for expatriates in the banking, insurance and legal industries\u2014a dependable wellspring of renters for the Hong Kong luxury market\u2014have dipped 40 percent since a peak in 2012.
\n\u201cIf anything, the tendency is still to downsize,\u201d Smith reported.
\nMore: What lower corporate packages mean for Hong Kong real estate leases
\nSimilarly, Jones Lang LaSalle (JLL) reported in May that only 7 percent of their expatriate clients in Hong Kong were allotted a monthly housing allowance of more than HKD100,000, a decrease of 31 percent from 2012.
\nIn addition, 54 percent of clients subsisted on monthly housing budgets of less than 54 percent. Four years ago, that figure was only 11 percent.
\nSuch relatively austere housing packages are being offered against a backdrop of job cuts. Institutions like Barclays, Merrill Lynch, BNP Paribas, and Bank of America have eliminated dozens of positions in Hong Kong and elsewhere in Asia in recent months.
\nBloomberg reported, however, that expats in the fashion industry and other non-banking industries are still able to come into Hong Kong with housing allowances as high as HKD300,000 (USD39,000).
\nRead next: 5 reasons why Sheung Wan is the Brooklyn of Hong Kong
\n
\nSource : property-report.com
\nRead more…With banking expats leaving, who will rent Hong Kong luxury apartments?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Wealthy professionals and entrepreneurs are seeping from mainland China into Hong Kong\u2019s high-end residences Victoria...<\/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-21580","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\/p75ss1-5C4","jetpack-related-posts":[{"id":30435,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mainlanders-snap-up-hong-kong-luxury-homes-as-china-tightens-market-restrictions\/","url_meta":{"origin":21580,"position":0},"title":"Mainlanders snap up Hong Kong luxury homes as China tightens market restrictions","date":"October 18, 2016","format":false,"excerpt":"\r The pace at which mainland capital is flowing into Hong Kong\u2019s luxury residential market has increased after more Chinese cities introduced or tightened curbs on house buying, according to industry experts. For the first two weeks of this month, realtors said about 30 per cent of Hong Kong\u2019s new\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99312,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-hotel-industry-toasts-bumper-national-day-fuelled-by-free-spending-mainlanders\/","url_meta":{"origin":21580,"position":1},"title":"Hong Kong hotel industry toasts bumper National Day, fuelled by free-spending mainlanders","date":"October 7, 2018","format":false,"excerpt":"\r Mainland tourists were willing to pay close to quadruple the normal rate for a hotel room in Hong Kong during the National Day \u201cgolden week\u201d holiday, as the newly opened high-speed train link to the city created a sudden surge in last-minute bookings. 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Image credit: IQRemix (Flickr) Fears of a devalued yuan have seen buyers from mainland China pour HKD58 billion (USD7.5 billion) on residential land and office building acquisitions in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":140588,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-now-is-the-best-time-to-buy-hong-kong-property-in-15-years\/","url_meta":{"origin":21580,"position":3},"title":"Why now is the best time to buy Hong Kong property in 15 years","date":"December 5, 2023","format":false,"excerpt":"\r Property prices are down and long-term demand is healthy as the Greater Bay Area develops and more mainlanders settle in Hong Kong. Residents with long-term plans can purchase property now without too much competition from overseas investors.\r \r Source : South China Morning Post\r Read more...Why now is the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":159004,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-luxury-homes-mainland-chinese-buyers-drive-us3-billion-buying-spree\/","url_meta":{"origin":21580,"position":4},"title":"Hong Kong luxury homes: mainland Chinese buyers drive US$3 billion buying spree","date":"August 11, 2025","format":false,"excerpt":"\r Hong Kong\u2019s super luxury property market has seen 35 transactions worth about HK$23 billion (US$2.93 billion) in the past 19 months, with ownership shifting from local property-industry tycoons to mainland buyers who have made their fortunes in hot industries, according to Savills. 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