In Hong Kong –- the world’s most unaffordable housing market -- rents are staying exorbitantly high despite the global pandemic and a severe recession, threatening to add a new source of discontent after months of political turmoil.
Hong Kong’s economy is forecast to shrink as much as 8% this year and its unemployment rate is near a 15-year high at around 6%. Yet, home rents remain one of the world’s most expensive while pulling back about 9.2% in August from the previous year.
