Hong Kong protests 2019 vs Occupy Central: after 79 days, retailers, investors, developers hit far worse by this year’s demonstrations
- This time, economy was already wobbling from trade war
- Meanwhile, launch of the Stock Connect kept up market spirits in 2014
The ongoing protests have clobbered Hong Kong’s economy – from its all-important property market and stock exchange to its shop owners and its banks – in a way the earlier pro-democracy effort did not five years ago.
There is no end in sight. But the deeper damage to business – potentially long-lasting in the international investment community – could not be any clearer.
Goldin Financial Holdings’ abandoned the HK$11.12 billion (US$1.4 billion) purchase of a commercial plot at the former runway of the Kai Tak airport on June 11, two days after the first major demonstration, citing “social conflict and economic instability”.
Overall property purchases – including homes, shops and industrial offices – registered with the Land Registry in June and July fell 24 per cent in the 79 days ended August 23 this year compared to Occupy Central.
