and others are boosting their ranks in Hong Kong, per a Reuters report this week. Elsewhere, the news is glum. The city’s population shrank by 50,000 last year. One in ten workers is unemployed or underemployed. A recent member survey conducted by the local American Chamber of Commerce found that 42% of respondents are either considering or planning to leave.
Outflows will be bifurcated. It makes sense for multinational companies with big mainland businesses, such as Timberland-owner VF , to save money by abandoning Hong Kong and building up in Shanghai instead. Similarly, technology and media firms are wisely evacuating servers and staff to Singapore to escape Beijing’s repressive National Security Law. The broad dynamics hold true for Chinese outfits too.
That bodes ill for the all-important property market. Tourism is suffering, which helped prompt a 24% decline in retail sales last year. Beijing has turned the nearby province of Hainan into a duty-free luxury shopping zone that will compete directly with Hong Kong. In terms of trade, Victoria Harbour keeps losing volume to Shanghai and Singapore.
Finance alone cannot make up the difference. The industry contributes around 20% of Hong Kong’s $311 billion GDP, but accounts for 10% of the workforce. Sustained emigration will tank demand for housing and office space. Overdependence on banking, trading and insurance will lead to rapid stagnation, not the renaissance Beijing promises.
petesweeneypro Sad
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Hong Kong is becoming a premier lifestyle destination for people around the worldWhy Hong Kong is becoming a premier lifestyle destination for people around the world Brand_HK ad Brand_HK Now that's funny Brand_HK Wow I love how dolled up their China article because China probably bankrolls their journalists lmao Brand_HK You just need about 10mil to get established.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Asian markets pull back after mixed day on Wall StreetBenchmarks fell in Tokyo, Hong Kong and Shanghai and were flat in Seoul. good Great Day on Wall Street
Source: MarketWatch - 🏆 3. / 97 Read more »
Why Hong Kong is becoming a premier lifestyle destination for people around the worldWhy Hong Kong is becoming a premier lifestyle destination for people around the world Brand_HK ad Brand_HK Now that's funny Brand_HK Wow I love how dolled up their China article because China probably bankrolls their journalists lmao Brand_HK You just need about 10mil to get established.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Who Weekly? Explains Bennifer 3.0Ben Affleck and Jennifer Lopez are back together. Everybody rejoice!
Source: Slate - 🏆 716. / 51 Read more »
WH Group gives back the baconSino-U.S. pork producer WH Group (0288.HK) has launched in Asia where cash hoards abound. Perhaps it is American influence: the company was formed by the takeover of Smithfield Foods by China’s Shuanghui in 2013, and the enlarged entity subsequently listed in Hong Kong. JennHughes13 FBI DOJPH congressdotgov WhiteHouse SenateGOP SenateDems federalreserve IRSnews NSAGov CIA FTC DHSgov Please look into the illegal naked shorts at AMCTheatres amc JennHughes13 Are the pigs happy?
Source: Breakingviews - 🏆 470. / 51 Read more »
State media: Kim has plans to stabilize N. Korean economySEOUL, South Korea (AP) — North Korean leader Kim Jong Un presented economic plans to senior ruling party officials before an upcoming meeting to review efforts to overcome hardships brought about by the pandemic, state media said Tuesday. Barbaric regime! Rot in Hell. The best choice I've made this year was investing in cryptocurrency and forex trading and earning from home. With the help of micheal33590 I've been earning $ 23k weekly I've never regretted this decision. 🙏🏻🙏🏻
Source: AP - 🏆 728. / 51 Read more »