Hong Kong protests: economy lost an estimated HK$2.8 billion over ‘golden week’, experts say

Sectors such as retail, dining and hotels may have lost as much as HK$1.9 billion over three-day holiday weekend compared to last year

Expert also estimates MTR Corp lost around HK$500 million over the weekend, citing vandalism and loss of ticket revenue

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An economist estimated that Hong Kong’s retail sector lost sales of about HK$1 billion – or about 25 per cent – over the past three days. Photo: Felix Wong

Published: 11:00am, 8 Oct 2019Updated: 12:01pm, 8 Oct 2019

Hong Kong’s economy lost at least HK$2.8 billion (US$356 million) over the past six days, according to local analysts and business leaders, with visitor numbers in free-fall and the city’s rail network crippled by rampaging anti-government protesters.

Experts who spoke to the Post on Monday said the damage to certain business sectors – such as retail, dining, transport and hotels – could exceed HK$1.9 billion over the three-day holiday weekend.

Each source also predicted that Hong Kong’s economy would only get worse as the protest crisis grinds on.

The head of a local brokerage firm estimated that the MTR Corporation lost around HK$500 million over the weekend, citing the damage caused by protesters and the loss of ticket revenue.

Protesters vandalised and destroyed an entrance to the Mong Kok MTR station during a rally in defiance of the anti-mask law on Sunday. Photo: K.Y. Cheng

Chief Executive Carrie Lam Cheng Yuet-ngor on Friday issued a ban on masks at public assemblies by invoking a colonial-era emergency law not used in more than half a century.

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