Reuters, HONG KONGHong Kong retail sales extended their freefall in November as months of pro-democracy protests scared off tourists, which affected spending and threatened the survival of small businesses. Sales fell 23.6 percent from a year earlier to HK$30 billion (US$3.85 billion), Hong Kong government data showed yesterday. In volume terms, retail sales fell 25.4 percent, compared with a revised 26.4 percent drop in October. Tourist arrivals in Hong Kong plunged 55.9 percent year-on-year in November last year, the steepest fall since May 2003, when the territory was hit by a SARS outbreak. The Hong Kong Retail Management Association estimates that about 7,000 businesses, or more than one in 10 retailers, will be forced to close in the next six months.
