Famous for the world’s priciest office towers, Hong Kong’s Central district is attracting more mainland Chinese companies to move in. This leads to a rise in rents and prompting some Western firms to search for cheaper digs elsewhere.
Despite China’s stock-market tumult this year, mainland banks and asset managers are crowding into the district in hopes of drumming up new business with foreign clients. This further cements Hong Kong’s status as the prime gateway into and out of China, according to property experts and bank analysts.
To remind, Mainland China firms long have had a presence in the former British colony. Bank of China opened its first Hong Kong office in 1917 and now occupies the I.M. Pei-designed Bank of China Tower. In the early 2000s, the 4 largest state-controlled banks opted to list on the Hong Kong stock exchange and took nearby office space, sometimes whole buildings.
Filed under: Banking Services, Business and Economy, Financial Services, HK as a Financial Centre, Hong Kong and China
Hong Kong Financial News 