Hong Kong protests hit economic system

Customer arrivals and resort occupancy charges in Hong Kong are down ‘double-digit’ percentages, as protests proceed

Printed 11:00 PM, August 11, 2019

Up to date 11:00 PM, August 11, 2019

TOURISM DECLINING. A shot of the Mong Kok district in Hong Kong. Photo from Shutterstock

TOURISM DECLINING. A shot of the Mong Kok district in Hong Kong. Picture from Shutterstock

HONG KONG – Empty resort rooms, struggling outlets, and even disruption at Disneyland: months of protests in Hong Kong have taken a serious toll on the town’s economic system, without end.

Metropolis chief Carrie Lam has warned that the worldwide monetary hub is facing an economic crisis worse than both the 2003 SARS outbreak that paralyzed Hong Kong or the 2008 monetary disaster.

“The scenario this time is extra extreme,” she stated. “In different phrases, the financial restoration will take a really very long time.”

The personal sector, particularly the tourism business, has begun counting the price of greater than two months of demonstrations that erupted in opposition to a bill allowing extraditions to China however have morphed right into a broader pro-democracy motion. (READ: Hong Kong’s extradition law jolts business community)

The figures are stark: resort occupancy charges are down “double-digit” percentages, as have been customer arrivals in July. Group tour bookings from the short-haul market have plunged as much as 50%.

“In latest months, what has occurred in Hong Kong has certainly put native individuals’s livelihoods in addition to the economic system in a worrying, and even harmful scenario,” warned Edward Yau, Hong Kong’s secretary for commerce and financial improvement.

Town’s tourism business says it feels below siege.

“I believe the scenario is getting extra and…

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