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Hong Kong’s Property Market Takes Hit From Cathay Job Cuts

  • Pockets of Hong Kong see rental prices slump as much as 20%
  • Lease surrenders spike in areas popular among crew members
The World's Most Expensive Property Market Faces Further Pressure With Fed Poised To Cut Rates
Photographer: Justin Chin/Bloomberg
Updated on

Calls from laid off Cathay Pacific Airways Ltd. pilots began arriving at OKAY Property Agency Ltd. not long after the Hong Kong airline announced one of the biggest job cuts in global aviation.

The cull that affected more than 5,000 Cathay employees on Wednesday has forced some to find cheaper housing or leave Hong Kong altogether. It’s a painful blow for one of the city’s biggest workforces, and yet another hit for a property market under pressure from political turmoil and a pandemic-induced recession.