Protests could add to fears HK's appeal as a financial hub would fade

Sat, Jun 15, 2019 - 5:50 AM

"Hong Kong is a Chinese city with Western institutions and a rule of law, and if these qualities are threatened, what would be the advantage of Hong Kong compared with other cities in China?'' said Gareth Leather, a senior Asia economist for Capital Economics Ltd in London.There are immediate, localised effects: Pacific Place, a luxury shopping mall with about 200 outlets, closed on Thursday due to ongoing protests in the area.

Hong Kong's government on Thursday postponed the tender for a plot of residential land estimated to fetch as much as US$1.7 billion. Officials cited blocked access to government buildings as a reason. "I also believe that more companies have not expressed their concerns publicly due to their fears of reprisal from Beijing on any criticism of the bill." Prior to the protests, the Hong Kong government's official forecast was for the economy to grow between 2 and 3 per cent this year. Economists surveyed by Bloomberg saw the expansion coming in at 2.2 per cent this year, down from 3.0 per cent in 2018.

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