Hong Kong Luxury Apartment Rents Slashed to Attract Tenants

The spreading coronavirus has crunched rents for luxury homes in Hong Kong as wealthy individuals hesitate to sign leases.

(Bloomberg) — After a bargain on an upscale apartment in the world’s most-expensive property market? Now may be the time.

The spreading coronavirus has crunched rents for luxury homes in Hong Kong as wealthy individuals hesitate to sign leases amid the gloomy economic outlook.

Landlords have cut their asking prices by as much as 20% since mid-March in a high-end area of West Kowloon, according to Arthur Chui, a senior sales manager at Midland Realty. Far fewer international companies are looking for accommodation for their staff from overseas, he said. That used to be another big source of renters in the district.

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