Expat housing packages are becoming passe. In the first quarter, only 7 percent of Jones Lang LaSalle Inc.’s expat real estate clients in Hong Kong were given monthly rental budgets of more than HK$100,000 ($13,000), down from 31 percent in 2012. After more than a decade of steady rental increases, luxury landlords are now looking at reductions of as much as 30 percent for properties at the very top of the market, said Walker Lam, director of the Hong Kong market at Landscope Christie’s International Real Estate.

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