Rents of luxury homes in Hong Kong predicted to fall 7%

That's over the next 12 months.

According to Colliers International,  arriving expatriates working for non-financial companies will remain the key contributor to the luxury leasing market, where average rents are expected to decline by a another 7% over the next 12 months.

Here's more:

Multinational corporations – banking and financial industries in particular – will remain cautious in their hiring policies, due to unstable global economic conditions.

The divergence in the rental performance of the mass and luxury residential sectors will persist. Residential rents in the mass sector will stay relatively resilient compared with those for high-end properties.

The level of expatriate family arrivals from the banking and finance industries will stay low and that will result in the continual falling demand for luxury homes.