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China slowdown ripples through hong kong as sales weaken by efwegbe erergeer
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China slowdown ripples through hong kong as sales weaken |
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Business,Business News,Business Opportunities
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2012-05-31T18:25:33Z China s economic slowdown is rippling through Hong Kong, with thecity s retail sales rising at the slowest pace since 2009 asshoppers visiting from the mainland trimmed their spending. Sales climbed 11.4 percent in April from a year earlier, thegovernment said in a statement on its website yesterday. That sthe smallest annual gain since October 2009, excluding January andFebruary numbers distorted by the Lunar New Year holiday. Themedian estimate in a Bloomberg News survey of economists was for a16.4 percent increase.
China s economy is cooling as Premier Wen Jiabao extends acrackdown on speculation in the housing market and Europe ssovereign-debt crisis caps exports. In Hong Kong, declines in thebenchmark Hang Seng Index since the end of February have dampedconfidence and demand as households see the value of their assetsdwindle. Less extravagant spending by mainland shoppers is part of theissue, said Donna Kwok, a Hong Kong-based economist at HSBCHoldings Plc. (HSBA) Local households are also being more prudentbecause of increasing turbulence in financial markets.
The smaller-than-estimated gain in retail sales came the same dayas jewelry maker and retailer Graff Diamonds Corp. (1306) shelved a$1 billion initial public offering in Hong Kong, blaming consistently declining stock markets. Graff Pulled Graff marketed its IPO amid a slowdown in luxury-goods spending inHong Kong, where Chinese tourists splurge to take advantage oflower tax rates than in the country s mainland. Sales of jewelry,watches and valuable gifts in Hong Kong rose an average of 17percent in the first three months of the year compared with a yearearlier, according to data compiled by Bloomberg.
That s down fromgrowth of about 37 percent in the last quarter of 2011, the datashow. Hong Kong billionaire Cheng Yu Tung s worth has dropped 22 percentthis year to $15.6 billion, according to data compiled byBloomberg, as Chow Tai Fook Jewellery Co. dropped 35 percent inHong Kong trading. Cheng s Chow Tai Fook Holding Ltd.
owns 89percent of the East Asian regional jewelry retailer, according tothe data. Hong Kong s benchmark Hang Seng Index (HSI) fell 0.3 percentyesterday. I am Home & Garden writer, reports some information about closet organizer hangers , ceramic pocket knives.
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