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Hong Kong and mainland China border reopeningi

Latest news and updates on the reopening of the border between Hong Kong and mainland China amid the coronavirus pandemic.

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Economic setbacks and political uncertainty have dented the city’s confidence, but it remains a world-class hub for business and finance. Now is not the time to shy away from free-market practices or simply accept a supporting role in China’s development.

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  • Force insider says crimes include pickpocketing, shop burglary and theft of unattended valuables, with some female overstayers arrested in vice operations
  • Since resumption of global travel, authorities have also noticed increase in drug-trafficking syndicates using couriers to move narcotics

Life insurance sales to mainland Chinese visitors rose by 28 times in the first quarter, as the reopening of the border unleashed a wave of pent-up demand, data from the Insurance Authority showed.

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As China’s Shenzhen looks to strengthen its economic foothold in the Greater Bay Area, Bao’an International Airport claims bragging rights as the world’s most beautiful airport, despite far fewer passengers than in Hong Kong.

Homebuyers claimed nearly all 160 flats available at Sun Hung Kai Properties’ University Hill project in Tai Po on Saturday amid heightened economic confidence.

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Commercial real estate deals in the rival business hubs grew in the first quarter, defying a regional rout in investment as rising financing costs sidelined potential buyers, according to financial data company MSCI.

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Tourism figures from February to this month show 86 per cent of tour trips from mainland China lasted one to two days and 54 per cent cost less than 500 yuan.

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During the five-day May Day holiday last week, long queues and crowds were seen at the country’s theme parks, a sign they have become ‘early beneficiaries’ of a tourism recovery after Beijing abandoned its tough pandemic restrictions.

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The war chest used to defend the local currency continued its comeback in the first quarter, posting a return of HK$97.9 billion (US$12.5 billion) on the back of rising stock markets after the city and mainland China reopened their borders.

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Economists say recovery should continue to gain traction in months ahead, given stronger than expected number of mainland Chinese tourists visiting city.

City leader John Lee on Tuesday acknowledged bottleneck concerns ahead of launch of cross-border drivers scheme, hints mainland to update own policies to adapt.

Investors are likely to snap up more hotels in Hong Kong as tourism slowly rebounds from Covid-19 and many owners are still prepared to offer discounts, say analysts.

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