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.

Source: Taipei Times January 03, 2020 15:56 UTC