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Hong Kong's talent pass program drives up housing rents

Hong Kong's home prices are falling once again despite the easing of control measures, but a surge in demand for lettings is driving rents to new highs in one of the most expensive cities in the world.

The private residential rental index increased 1.02% month-on-month in May, the Hong Kong Special Administrative Region's Rating and Valuation Department reported Wednesday. This marks the third successive month of increases, with a cumulative rise of 2.49% since March, the highest level since January 2020.