Mainland renters outpace Western tenants as biggest spenders for luxury rental homes in Hong Kong
- It is not uncommon for mainland executives to be in housing costing HK$300,000 (US$38,222) a month, according to leasing expert
- Mainland corporate tenants accounted for 20 per cent of the high-end luxury residential leasing market last year, up from just 5 per cent in 2013
Corporate tenants from the mainland have overtaken their Western peers as the dominant force in Hong Kong’s luxury residential leasing sector, as a growing number of Chinese firms establish offices in the city.
The top-end of the luxury residential leasing market has seen an uptick in demand in recent months, as companies look to Hong Kong as a financing and trade hub, analysts said.
“We see more mainland corporates, particularly newly listed firms in Hong Kong, will be generous when it comes to leasing homes for their top executives,” said Louis Ho, principal sales director for The Peak & South Mid-Levels West at StatelyHome, a luxury home sales unit under Centaline Property Agency.
Ho said it is not uncommon for mainland executives to be housing costing HK$300,000 (US$38,222) a month, compared to HK$200,000 for executives of Western firms.
JLL said mainland corporate tenants accounted for 20 per cent of the high-end luxury residential leasing market last year, up from just 5 per cent in 2013.
“Mainland clientele were a significant part of activity in the high-end luxury level of the rental market,” said Laurie Lankester, head of residential at JLL.