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Mainlanders' cash to bolster Hong Kong's GDP by 2%: Survey ( 2003-12-16 11:18) (China Daily HK Edition)
Mainland tourists are expected to spend HK$59 billion (US$7.56 billion) in Hong Kong next year, contributing nearly 2 per cent of the gross domestic product (GDP) of the SAR, a survey showed yesterday. The forecast represents at least HK$20 billion (US$2.56 billion) more than the estimated amount for this year, according to the survey by CLSA. The number of mainland tourists in Hong Kong is expected to rise by 46 per cent year-on-year to at least 12 million next year, CLSA said. "The impact on the broader economy, especially in terms of job creation, should not be overlooked," it said. Ultimately, Hong Kong's banks and property firms would benefit. The survey, the second of its kind by CLSA following the one in August, put questions to 150 mainland tourists at four high-traffic consumer locations in Hong Kong. It discovered that mainland tourists were staying longer and spending more in Hong Kong, due to the easing in restrictions on travel visas and foreign currency. Mainland visitors' average length of stay in Hong Kong increased to 5.3 days from 4.2 days in August and shopping expenditure went up to HK$4,770 (US$612) from HK$3,360 (US$431). About 65 per cent of respondents in the survey said they used renminbi in shopping. Retailer Dickson Concepts is a "clear winner" in the surge in mainland visitors and cosmetics retailer Sa Sa International Holdings is another obvious beneficiary, said Paul McKenzie, CLSA's head of consumer research. Other beneficiaries include retail landlord Wharf Holdings and Shun Tak Holdings, which runs transport and casinos in Macao.
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