Grounded: Cathay Pacific aircraft at Hong Kong International Airport. The airline has cut about 5,300 jobs based in Hong Kong, affecting the property market there. — Bloomberg
HONG KONG: Calls from laid-off Cathay Pacific Airways Ltd pilots began arriving at OKAY Property Agency Ltd not long after the Hong Kong airline announced one of the biggest job cuts in global aviation.
The cull that affected more than 5,000 Cathay employees on Wednesday has forced some to find cheaper housing or leave Hong Kong altogether. It’s a painful blow for one of the city’s biggest workforces, and yet another hit for a property market under pressure from political turmoil and a pandemic-induced recession.
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