It is a telling indicator of the carnage in the investment banking sector, that year-on-year rental values for luxury residential property in Hong Kong is down almost 16%. Throughout the rest of the region it is almost flat.
The same grim picture reveals itself in the Hong Kong prime office rental market. Central district rental values are down 28.3% year-on-year. This number is only matched - within Asia - by Singapore, where CBD rentals are down 27.9%. These numbers are taken from a study by Jones Lang LaSalle.
Elsewhere prime office rentals are marginally down in Beijing, Tokyo, Taipei, KL and Makati. And they are basically flat in Jakarta and Bangkok.
They are marginally...