New | Mainland Chinese financial firms drive Hong Kong office rents

Mainland Chinese brokerages and asset management firms are underpinning Hong Kong office rents as the city cements its financial market ties to the world's second-largest economy.
Prime office space leased by financial companies from mainland China was 148,000 sq ft last year, a 51 per cent jump from 2013, according to data from realtor CBRE Group.
Industrial Securities and Sino Life Insurance were among those that had rented new offices in Hong Kong's central business district in the past two quarters, CBRE said.
"Chinese financial services companies are eager to expand here because they see Hong Kong as a perfect springboard for their internationalisation," said Ricky Lau, the head of office leasing at Savills. "Hong Kong's stock market is robust and active. That also attracts Chinese brokerages."
Overall rents this year are expected to rise 5 per cent, compared with 0.2 per cent growth last year and a 1.6 per cent decline in 2013, according to CBRE.
"A lot of mainland Chinese banks and brokerages still don't have branches in Hong Kong, or they only make up a small portion of the business," said Marcos Chan, CBRE's head of Hong Kong research.
