Bank of America Cuts Space in Hong Kong in Blow to Office Market
- Firm is cutting one and a half floors in Cheung Kong Center
- The bank is moving some supporting staff to Kowloon area
The Cheung Kong Center in Hong Kong.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
Bank of America Corp. is cutting some office space in its headquarters in Hong Kong’s Central district, according to people familiar with the matter, underscoring the headwinds for the city’s commercial landlords.
The bank is letting go one and a half floors in Cheung Kong Center, where its main office is, the people said, requesting not to be named because the matter is private. The company is moving staff in supporting roles to its back office in Kowloon Commerce Centre, where rents are lower, said one of the people. All the client-facing staff will continue to be based in the Cheung Kong Center office, the person added.