HONG KONG -- Major real estate brokerages in Hong Kong are slicing payrolls as they try to reduce costs in a historically weak property market. Led by Centaline Property, a big brokerage that is planning to eliminate 30% of its positions, layoffs in the industry are expected to reach more than 3,000.
Property
Hong Kong property brokerages slash payrolls in choppy market
Layoffs expected to top 3,000 industrywide as transactions plummet
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Hong Kong's residential real estate market has been rattled in recent months due to a combination of interest rate rises and the fallout of China's zero-COVID policy. (Photo by Takeshi Kihara)
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