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Chinese financial groups move into Hong Kong office market

Mainland IPOs fuel footprint expansion as foreign companies leave

China International Capital Corporation has expanded its office at Hong Kong's 118-story International Commerce Centre.   © Reuters

HONG KONG -- Chinese financial groups are moving into the Hong Kong office market as an exodus among foreign organizations drives vacancy rates to record highs.

Banks, investment managers and insurers have boosted their footprint in the Central business district by just under 200,000 square feet (18,580 square meters) over the past three years, largely fueled by mainland Chinese companies' initial public offerings in the financial hub, according to commercial real estate advisory CBRE.

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