HONG KONG (Reuters): Hong Kong's distinction as a shopper's paradise used to draw tens of thousands of tourists to the city every month, but a year of anti-government protests stemming from the extradition bill incident and the coronavirus crisis are driving some hotels to the brink of financial ruin.
Hotel occupancy rates in the recession-hit economy have plummeted since protesters took to the streets last June.
Now, with much of the border closed with the Chinese mainland and travel restrictions to contain the spread of coronavirus extended, some hotels are shutting their doors for good or taking time out to renovate. The volume of commercial property transactions fell to new lows in the first quarter, real estate data showed. While there were no hotel transactions, realtor Cushman & Wakefield expects that to change from the second quarter.
Co-living operators will turn the properties into homes for shared living, where residents have their own rooms but share common areas such as the living room and kitchen. The 37-room Paris Hotel near a busy Kowloon shopping area gave up its lease, which was taken up by co-living operator LINKo Living in April at HK$230,000 per month.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Senior official: Financial risk remains controllable in Hong KongHONG KONG: Financial Secretary of China's Hong Kong Special Administrative Region government Paul Chan said Sunday (Apr 26) that the financial risk remains controllable in Hong Kong despite the double blow from the violent incidents last year and the recent Covid-19 (coronavirus) epidemic.
Read more »
Hong Kong riot police break up pro-democracy singing protest at mallA crowd of 300 activists swarmed the Cityplaza mall shouting 'Liberate Hong Kong, revolution of our times!' FMTNews HongKong
Read more »
Hong Kong scientists say new antiviral coating can protect surfaces for 90 daysHONG KONG (Reuters) - Researchers at a Hong Kong university say they have developed an antiviral coating which could provide 90 days of 'significant' protection against bacteria and viruses such as the one causing COVID-19.
Read more »
Hong Kong Justice chief blasts foreign forces for 'groundless' criticismsHONG KONG, April 27 (China Daily/ANN) Hong Kong’s justice chief slammed foreign politicians on Sunday for making false accusations against the arrests and prosecutions of 15 prominent opposition figures, including Jimmy Lai Chee-ying and Martin Lee Chu-ming, stressing that the legal process is based on concrete evidence and not political considerations.
Read more »
Hong Kong stocks finish with strong gains | Malay MailHONG KONG, April 27 — Hong Kong stocks rallied at the start of the week, piling on almost two per cent today, fuelled by hopes that coronavirus may have peaked in some of the worst-hit countries as governments move to lift some lockdown restrictions. The Hang Seng Index jumped 1.88 per cent, or...
Read more »
China firms halt dividends, sell equity to ride out virus pandemicHONG KONG/SHANGHAI: In this era of pandemic uncertainty, Chinese and Hong Kong-listed firms have come to one consensus on how to best survive it: sit on their wallets and preserve cash. They are retaining profits instead of distributing them to shareholders, with the most Hong Kong dividend payers in at least 35 years opting not to do so in the first quarter.
Read more »