Hong Kong businesses shut shop as city struggles to revive post pandemic

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Hong Kong businesses shut shop as city struggles to revive post pandemic
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Third teenager charged with second-degree murder | SaltWire #newsupdate #news #halifax #policeHONG KONG - When Jacky Yu, 48, opened his Japanese gift shop in Hong Kong more than a decade ago, the tourist and shopping district of Mong Kok was a bustling hub packed with stalls, street food and tourists.

Businesses describe shopping malls as"dead", with low foot traffic and shops covered with"for lease" or"coming up soon" signs. Even with the Golden Week holiday starting on Wednesday, a traditionally busy time for shopping and entertainment, many businesses are not optimistic. "The reason is that in the past five years, prices in Shenzhen, Guangzhou, and even Changsha have hardly changed much. But in Hong Kong ... We have found that the price difference has widened, which has encouraged Hong Kong people to go north for consumption."

In the Hong Kong border town of Sheung Shui, where residents once used to complain about mainland Chinese overcrowding the town and pushing up rents as they flocked to buy everything from cosmetics and medicine to daily necessities, business is quiet.

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