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Hong Kong REITs down 26% this year as investors exit China

Office vacancies and higher interest rates weigh on market

Office vacancy rates in Hong Kong's Central business district climbed into the double digits last quarter.   © Reuters

HONG KONG/TOKYO -- A benchmark index of Hong Kong's real estate investment trusts has declined by more than a quarter this year, in stark contrast with REITs of other major markets as investors abandon China-linked assets.

S&P's REIT index for Hong Kong dropped 26% between the end of last year and Friday. By comparison, indexes for Australia, the U.S. and Japan were up 9%, 5% and 4%, respectively.

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