Hong Kong banks and bankers seek cheaper rents

Banks and bankers are on the move in Hong Kong, searching for less expensive corporate and personal digs as the city's rents head ever higher.

Royal Bank of Scotland (RBS) recently moved more of its people from the Cheung Kong Center in Central - a towering symbol of power in the city - and dispersed them to cheaper rental premises in places such as Quarry Bay in the Eastern District of Hong Kong Island.

As of August, net rentals in Central averaged HK$104 per square foot, compared with HK$56 to HK$57 per sqft in Causeway Bay, and HK$40.50 per sqft in Quarry Bay.

via Business feed http://www.scmp.com/business/article/1061143/hong-kong-banks-and-bankers-seek-cheaper-rents