Luxury rents in Hong Kong drop due to banking cuts!!!

HSBC have announced plans to cut over 3,000 jobs over the course of the next 3 years, following cutbacks made earlier this year by Credit Suisse, Goldman Sachs and Australian bank, Macquarie. The property Market in Hong Kong is feeling the effects of the loss of highly paid bankers an financial services staff, with the luxury accommodation formerly favoured by expats feeling the biggest blow. “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," said Yu Kam-hung, senior managing director of valuation and advisory services in Greater China for CB Richard Ellis. For your conveyancing solutions visit us!! Www.helpfulconveyancing.co.uk