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Banker Influx to Lift Luxury Home Rents in Hong Kong

Sarah Cheung was bracing for a rent increase on her apartment in Hong Kong’s Happy Valley district ahead of the expiration of her lease this month. She still wasn’t prepared when her landlord demanded 43 percent more.

“We’ve looked around and this is still one of the better deals, even after the raise” to HK$40,000 ($4,890) a month, the first increase in five years, said Cheung, a 45-year-old businesswoman who lives with her husband and two daughters in a 1,250 square foot apartment that overlooks the Happy Valley racecourse.