The Hong Kong Monetary Authority is moving more than 100 employees across the harbor to a skyscraper in Kowloon to save costs while providing more working space.

The city's de facto central bank has leased three floors in the International Commerce Centre owned by Sun Hung Kai Properties (0016), and is giving up its office space in Pacific Place on Hong Kong Island, sources said.

Relocating to International Commerce Centre and not renewing the Pacific Place lease will reduce rental costs, said one of the people. It will also free up room in its headquarters that it owns in International Finance Centre , where space won't be cut, the person added.

Meanwhile, Canada Pension Plan Investment Board has made substantial cuts to its Greater China public equities team, affecting close to 10 percent of the pension fund's staff in Hong Kong.

And Morgan Stanley has laid off about 9 percent of its staff at its asset management business unit in China.