Hong Kong restaurants brace for 25% drop in business due to Easter exodus
Advertisement
The prediction on Friday came as Chief Executive John Lee Ka-chiu visited the fishing village of Tai O, where he offered assurances to businesses that he was determined to improve the economy.
Crowds thronged border crossings as the four-day holiday began, with more than 656,000 outbound trips recorded on Friday.
'We can see that the number of people leaving Hong Kong far exceeds those coming in,' Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, said. 'I predict a drop of 25 per cent in business compared to usual periods.
'However, this is not as bad as last year, which saw a drop in business of over 30 per cent.'
Advertisement
Wong said two factors would contribute to a slightly better performance this year: an increase in the number of mainland tourists visiting Hong Kong and a greater willingness among residents to spend.
Business would be further helped by improved cooperation between the catering sector and shopping centres over promotions, which could boost footfall, he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
2 hours ago
- South China Morning Post
China signals bolder policies to boost spending, investment as headwinds rise
Chinese Premier Li Qiang has called for more action to boost consumption and investment, as the world's second-largest economy strives to meet its annual growth targets despite facing growing headwinds in the second half of the year. Advertisement '[We] should recognise the hard-won achievements and the strong resilience as well as dynamism of China's economy, reinforcing confidence, while also acknowledging the risks and challenges in the economy and the complex external environment,' he told a meeting of the State Council, China's cabinet, on Monday. Li stressed the need for measures to drive up consumption and investment, specifically mentioning the need to further stabilise the property market. The cabinet called for solid measures to consolidate the stabilising trend and unleash demand for property through urban renewal projects , including the renovation of run-down housing and 'urban villages'. The premier also called for more efforts to unleash potential consumption by removing restrictions on spending and accelerating the development of new growth drivers such as service industries and other new forms of consumption. Advertisement The government will step up its efforts to expand investment, with major projects playing a leading role in driving growth, according to the meeting.
AllAfrica
2 hours ago
- AllAfrica
Shanghai rally shows China markets don't need the West
The Shanghai Composite Index (SCI) closed at its highest level in a decade on Monday, finishing at 3,728. This is not just a local story but a global signal. Markets are often shaped by perception, and the perception now is that Asia is showing leadership at a time when many expected only caution. The SCI's 20% rebound since April is remarkable by any measure. It tells us that confidence can return quickly when conditions change. Chinese households, sitting on near-record levels of savings, have been ploughing cash into equities. The immediate trigger was President Donald Trump's decision to pause his tariff escalation with Beijing, removing a looming risk that had weighed heavily on sentiment. For months, global investors had been braced for confrontation, and the absence of fresh tariffs under a new 90-day truce released pent-up demand. What is striking is the speed of this turnaround. In April, Chinese equities were being sold off heavily and international investors were trimming exposure. But by August, the market had swung to a decade high. This kind of shift demonstrates the power of liquidity when coupled with even a modest easing of political risk. This rally is not occurring in isolation. Across Asia, momentum is building. Indian equities surged the most in more than three months on the back of tax-cut pledges. The MSCI Asia Pacific index has recently gained 0.4%, adding to signs that investors in the region are prepared to take on more risk. The synchronization is important: Asia is leaning into growth while European and US markets remain tentative as Trump makes a renewed try to end the Ukraine war. The Shanghai milestone carries global importance because of who is driving it. Local retail investors are taking the lead. Flush with liquidity, they are providing the fuel for the rally at a moment when international institutional investors remain largely cautious. This divergence matters. It shows that regional pools of capital are increasingly able to move markets on their own terms. The world can no longer assume that Wall Street sets the tone everywhere. For investors outside China, two lessons stand out. First, capital is no longer tied to a single center of gravity. The US still exerts enormous influence, but regional markets are proving capable of writing their own narrative. Second, politics has an immediate and powerful effect. Trump's tariff truce with Beijing is one of the clearest demonstrations this year that optimism returns almost instantly when barriers and uncertainty are lifted. The ripple effects are already visible. Cyclical stocks across Asia are attracting stronger bids. Oil prices are steadying, with Brent crude trading near US$81 a barrel as supply disruption concerns ease. Gold rose 0.4% as Treasuries inched higher, but safe-haven flows look vulnerable if investors continue to rotate toward equities. This is why Shanghai's rally should be seen as a leading indicator rather than a domestic quirk. Local investors are showing what happens when liquidity meets confidence: markets respond rapidly and decisively. If sentiment in Europe and the US follows the same path, we could see a broad-based re-rating of global equities into the final quarter of the year. Timing is critical. If Trump's mediated Ukraine war talks produce even a modest gesture toward progress, it would reinforce the optimism already visible in Asia. Combined with the pause in tariff escalation with China, that could provide precisely the environment in which sidelined global capital begins to move back into equities. Later this week, the US Federal Reserve's Jackson Hole retreat will give investors another focus point. Jerome Powell is widely expected to set the stage for a September rate cut after recent softer data. This tilts policy in favor of risk, but liquidity support matters little if investors are paralyzed by geopolitical concerns. The evidence from Shanghai is that once those concerns ease, capital moves swiftly. From my perspective, there are two broader conclusions. Asia has been underestimated. The assumption that it is merely a follower of Western sentiment has been challenged by a SCI rally of this scale, powered largely from within. The feedback loop between politics and markets is more immediate than ever. Every summit, truce and concession is repriced almost instantly. This volatility carries risk, but it is also where the greatest opportunities emerge. The decade-high close in Shanghai is not simply a domestic event. It's a global signal that liquidity, confidence and geopolitics are combining to reshape capital flows. International investors are paying close attention, and many will be forced to reconsider their positioning. Asia is no longer reflecting the mood of global markets. It's increasingly setting the pace.
HKFP
5 hours ago
- HKFP
Watchmaker Swatch apologises for ‘slanted eyes' ad after China social media uproar
Watchmaker Swatch has pulled an ad featuring a model pulling the corner of his eyes following a backlash on Chinese social media. As calls for a boycott escalated, Swatch apologised and said it had 'taken note of the recent concerns regarding the portrayal of a model,' according a statement. 'We sincerely apologize for any distress or misunderstanding this may have caused,' the company said on Weibo on Saturday. 'We treat this matter with the utmost importance and have immediately removed all related materials worldwide.' Critics said the pose recalled racist 'slanted eye' imagery, historically used to demean Asians. The Swiss watchmaker receives around 27 per cent of its revenue from China, Hong Kong and Macau, according to Reuters. Boycotts and backlashes It is not the first time a western firm has become entangled in social media storms in the mainland. In 2021, Chinese stars cut ties with Nike after the brand aired concerns over forced labour in Xinjiang. Also that year, Intel apologised to China after urging suppliers to avoid forced labour. In 2018, Dolce & Gabbana cancelled a long-planned fashion show in Shanghai after an outcry over allegedly racist posts on its social media accounts. It was weeks after US clothing retailer Gap apologised to China over a T-shirt with a map showing the mainland but omitting Taiwan.
