DBS rents office at 18% discount

DBS Group. — Bloomberg

HONG KONG: DBS Group Holdings Ltd has clinched a deal to rent retail space in Central’s New World Tower for 18% less than the asking price, according to a person familiar with the matter.

The Singapore-based bank will rent the 12,000 square-foot space for HK$1.8mil (US$230,000) a month, less than the HK$2.2mil sought, the person said, asking not to be identified because the matter is private.

Hong Kong’s commercial rental market has suffered from a downturn dented by a population outflow, weakening spending power among mainland visitors, and rising interest rates that have prompted companies to cut back on spending. — Bloomberg