The fall in rents for luxury residential properties in Hong Kong shows no signs of abating as a sharp decline in leasing demand and abundant supply keep up the pressure on landlords to offer discounts and preferential terms to lure tenants, say property consultants.

A freeze on hiring imposed by most multinational corporations, coupled with lay-offs of expatriates in the financial sector and reduced housing allowances, meant an end to the retreat in the leasing market was still not in sight, they said.

South China Morning Post