Tens of billions of dollars evaporate from Hong Kong for demonstrating
Share this on BBC, an expert economists Hong Kong economy has suffered losses of about $ 50 billion since mass protests erupted in the past few decades. The subject areas and most powerful stock market, tourism and retail sectors.
Earlier this week, Bloomberg agency reported two days after the protests, the Hong Kong stock market has been shaken. The Hang Seng Index fell 1.23%. According to financial experts, with this decline, every day Hong Kong stock market lost about 1.46 billion worth of stock.
On 6/10, Bloomberg said Hong Kong stocks rebound record, Hang Seng Index rose 1.1% to reach equilibrium as earlier protests.
Thus, the demonstration only direct impact investor sentiment in the 10 days (from the date of 26/9 – 5/10 to the end), but it would have made Hong Kong stock market evaporated around 14 billion USD.
In addition to stocks, retailers also heavily influenced by widespread protests. Speaking on CNBC dated 5/10, Michael – Founding Director of the G2000 Group – one of the largest retail chains in Hong Kong, said sales of G2000 in Hong Kong has dropped 35% when demonstrations and purchasing power forecasts can be very slow recovery but fear expressed by many provinces continue.
The tourism industry may suffer directly since the protests took place. According to AFP, since the protests broke out, many passengers Mainland China, Japan, Singapore and Europe have canceled tours to Hong Kong, particularly many of which are Chinese tourists mainland. According to travel agencies in Hong Kong, Mainland China customers are up about 75% of all visitors to Hong Kong but since protests erupted 70% – 80% of mainland visitors have to cancel the tour.
According to the assessment, the decline in the number of visitors has led the Hong Kong tourism industry losses of about $ 13 million per day, after more than 10 days, the number of tourism industry of this region could lose up to 130 million USD. Remarkably, the operation of the Hong Kong Tourism directly related to the field of private consumption, growth in the retail sector, financial services and gambling services for travelers to mainland China Hong Kong mostly spend time shopping, casino and resort …
Currently Hong Kong economy depends heavily on financial transactions, securities, tourism and trade goods. 2013, the Hong Kong stock market is considered as the world’s 6th largest and most important of China. Market capitalization of Hong Kong is 2,831 billion and has about 1470 listed companies, mostly from mainland China, one of the Asian countries, South-East Asia.
Currently the Hong Kong government and the Chinese government has not released any official statistics on the damage caused by protesters since demonstrations subsided spinach on 5/10.