{"id":2312,"date":"2019-03-06T11:10:07","date_gmt":"2019-03-06T11:10:07","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=2312"},"modified":"2021-06-04T14:18:19","modified_gmt":"2021-06-04T07:18:19","slug":"mainlanders-spending-more-than-westerners-for-hong-kong-rents","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/mainlanders-spending-more-than-westerners-for-hong-kong-rents\/","title":{"rendered":"Mainlanders spending more than Westerners for Hong Kong rents"},"content":{"rendered":"
\"\"
The Peak in Hong Kong. leungchopan\/Shutterstock<\/figcaption><\/figure>\n

Westerners are losing their dominance over upscale rental homes in Hong Kong to mainlanders working for a growing number of Chinese firms in the city.<\/p>\n

Citing JLL data, the\u00a0South China Morning Post<\/a>\u00a0is reporting that corporate tenants from mainland China made up 20 percent of the high-end or luxury residential leasing market last year, up from just five percent in 2013.<\/p>\n

Executives from the mainland tend to rent units costing HKD300,000 (USD38,222) a month, while those in Western firms opt for HKD200,000, according to Louis Ho, principal sales director for The Peak & South Mid-Levels West at StatelyHome.<\/p>\n

\u201cWe see more mainland corporates, particularly newly listed firms in Hong Kong, will be generous when it comes to leasing homes for their top executives,\u201d Ho told the Post.<\/p>\n

Chinese penchant for luxury Hong Kong rents has surged with a wave of mainland companies opening offices in the SAR. The number of such companies in Hong Kong has risen 75 percent over the last 10 years, according to JLL.<\/p>\n

\u201cIt\u2019s the driver for the leasing demand,\u201d Laurie Lankester, head of residential at JLL, told the Post.<\/p>\n

Monthly housing budgets for senior-level staff in mainland firms usually hover above HKD150,000, rising to HKD300,000 for homes in The Peak and Mid-Levels, Lankester said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Generously paid executives of mainland Chinese firms lavish housing budgets on luxury homes<\/p>\n","protected":false},"author":2,"featured_media":19967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[],"class_list":["post-2312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","news_country-hk-macau","news_author-property-report"],"acf":[],"yoast_head":"\nMainlanders spending more than Westerners for Hong Kong rents | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/mainlanders-spending-more-than-westerners-for-hong-kong-rents\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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