ANALYSIS-Coronavirus might be knockout blow for Hong Kong’s once-thriving tourism, retail sectors

ANALYSIS-Coronavirus might be knockout blow for Hong Kong’s once-thriving tourism, retail sectors

By Sarah Wu and Donny Kwok

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By Sarah Wu and Donny Kwok

HONG KONG, Feb 18 (Reuters)Tom Bennell’s olive oil distribution enterprise took a heavy beating throughout months of pro-democracy protests that emptied Hong Kong resorts and eating places, his main clients. Now he fears a knockout blow as town fights the coronavirus.

The 2-decade-old Olives and Oils provides greater than 20 five-star resorts, in addition to golf equipment, delis and eating places in Chinese language-ruled Hong Kong, the place retail and tourism act like stability wheels for an financial system operating on commerce and finance.

The coronavirus, which has killed greater than 1,700 folks throughout the border in mainland China and one in all 60 sufferers in Hong Kong, has lowered vacationer arrivals to a trickle and saved residents away from retailers at a time when town is mired in its first recession in a decade.

Enterprise is so unhealthy that Bennell has pulled his two teenage sons out of worldwide faculty to chop prices. If issues do not flip round, he may be pressured to go away town that has been dwelling since 1993.



nasdaq.com

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