HONG KONG - Business activity in Hong Kong's private sector fell to its weakest in 21 years in October, weighed down by anti-government protests and softening global demand, according to an IHS Markit survey published on Tuesday .
Demand from mainland China declined at the sharpest pace in the survey's history - which started in July 1998 - while companies also cut back on purchasing and input inventories at the fastest clip since the series began, IHS Markit said. "As new orders continued to fall sharply, led by a record decline in demand from mainland China, firms were becoming increasingly pessimistic about the outlook."
Protesters are angry by what they see as Beijing's tightening grip over the city's cherished freedoms promised under a"one country, two systems" formula when Britain returned it to Chinese rule in 1997.
Business is moving directly to the main land. No need to go through HK anymore. High virtual property prices inflated by the HK property tycoons will soon crash. This will benefit the common HKers in the long run. GBHK
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Source: BusinessTimes - 🏆 15. / 51 Read more »