Rent drop lures fair vendors

A 30 per cent rent cut has attracted more vendors to lease stalls at the annual Lunar New Year fair in Sha Tin.

During the auction of 96 stalls at Sha Tin Town Hall yesterday, 60 per cent were snapped up, compared with about 45 per cent last year.

Winning bids ranged from $2,160 to $4,800 per stall for the eight-day leases, which will run between February 9 and 16.

Law King-ching, a spokesman for the Regional Services Department, said officials were satisfied.

'I suspect it's the 30 per cent discount,' Mr Law said.

However, Elizabeth Tang Yin-ngor, chief executive of the Confederation of Trade Unions, said the fact that 40 per cent of stalls were not leased despite the rent cut indicated people were not confident in the economy.