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Hysan Says Causeway Bay Rents to Narrow With Hong Kong’s Central

Hysan Development Co., the biggest commercial landlord in Hong Kong’s Causeway Bay, expects office rents in the area will rise to narrow the gap with the city’s Central business district.

Central’s top-tier buildings such as the International Finance Centre are raising rents as banks and hedge funds expand, prompting a shift to lower-priced areas including Causeway Bay. Monthly prime office rents in Central, the world’s most expensive by occupancy cost, surged 39 percent from a year earlier to about HK$179 ($23) a square foot in March. While they jumped 64 percent in Causeway Bay, rents there are still lower at HK$60, according to Knight Frank LLP.