Mainland brokerages, asset managers driving HK office rents

Chinese firms expanding as MNCs scale back, seek lower rents to cut costs

Published Tue, Feb 17, 2015 · 09:50 PM
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Hong Kong

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 north of the border was 148,000 square feet last year, a 51 per cent jump from 2013, according to data from realtor CBRE Group. Industrial Securities Co, a brokerage based in Fuzhou city in eastern China, and Sino Life Insurance Co are among those that have rented new offices in Hong Kong's Central business district in the last two quarters, CBRE said.

Chinese firms are expanding in the city as Hong Kong connected its stock exchange with Shanghai in November and is expected to replicate the link with Shenzhen's bourse later this year in a push by China to globalise its markets. They are also propping up the world's costliest office market af…

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