A fluid leak may develop from one or more power steering hose. When a leak is being repaired, it is not uncommon for multiple hoses to be replaced.Google+
Car Problem Reports
BMW 740i Multiple Power Steering Hoses May Simultaneously Fail
BMW 740i Problem
Average Mileage: 118,625 mi (30,000 mi - 247,000 mi)
Visitor, 1998 BMW 740i, 100,000 mi
not fix yet
A mechanic told me he'd have to change power Sterring resevoir because of a hairline crack($170). I drove to Home Depot and got a hose clamp and solved the never found crack by squeezing the tubing closed
Visitor, 2001 BMW 740i, 70,000 mi
Same as everyone else. Slow steering Fluid leak. The main culprit was the high-pressure hose. Also replaced one of the non-pressurizes hoses up top since it showed some cracks. Total cost about $500-$600.
Visitor, 2001 BMW 740i, 110,000 mi
I see this is fairly common. I trimmed the leaking hoses at the tank and will be looking in to the under car issues shortly. I am going to see if I can have a hose maker make new ones for me to replace the factory hoses. If you have enough miles for this to be a problem then check the hose going to the power brake booster. Mine bacame brittle and cracked open.
Visitor, 1995 BMW 740i, 30,000 mi
Leaking power steering fluid from reservoir or hoses.
Visitor, 2000 BMW 740i, 68,000 mi
leaks a quart of fluid a month.