Worst is over for Hong Kong’s luxury home rental sector as local demand fills flats vacated by expats, says SHKP unit

The worst is over for Hong Kong’s high-end home rentals sector, as local demand has gradually filled up the empty flats left behind by expatriates, according to the luxury residential leasing arm of Sun Hung Kai Properties (SHKP).Luxury home rents have dropped by 16 per cent in the last two years, and local tenants have taken advantage to upgrade to better quality projects.“The market started to get warmer in the second quarter this year, and rent became stabilised in the summer,” said Derek…