 |
 | |||||||||
| |||||||||
|
| |||||||||
| |||||||||
| Booming economy abuzz with opportunity ( 01/10/2005 ) | |||||||||
No sooner had Disney's Magic Kingdom opened its gates, a second theme park for Hong Kong was announced by its chairman George Mitchell. He was reported in The Standard saying that the new addition would transform the site into a "true multi-day destination resort". Much is expected from Disney's theme park, which is forecast to attract 5.6 million visitors in the first year of business. As one international fund manager noted: "Disneyland could be the catalyst that drives the market higher." (Buckle up for a ride of a lifetime) September saw the opening of two new luxury hotels in the Central financial district - the six star Four Seasons and the hip Landmark Mandarin Hotel. The hotel sector has not seen it this good since the peak in 1996. Occupancy rates are over 80 per cent across all classes of hotels in the city so far this year, and analysts are tipping even brisker business in the second half. Good news galore "There are so many good stories to tell," said James Lu, executive director of the Hong Kong Hotels Association. (Luxury hotels rise to meet strong economic growth) The influx of visitors to Hong Kong is one of the good news stories. A record 2.07 million people visited Hong Kong in July, up nearly 4 per cent compared to previous July. Long haul travellers are driving the growth and filling up hotel rooms. There has been a 20 per cent surge across all long haul markets from Europe, Africa and the Middle East (up 27.5 per cent) and from the Americas (up 8 per cent). HKTB anticipates over 23 million visitors to Hong Kong this year, a 7 per cent growth from last year. The general feeling among hoteliers is that 2005 will be the best time after the dizzying days of 1996. "There is a potential to do better than 1996," said one hotelier. Indeed, William Mackay from the waterfront Four Seasons - where corporate rates start from HK$3,300 (US$424) for a 484 sq ft standard room - is confident of heavy bookings as several trade shows and global conferences such as December's World Trade Organisation ministerial conference will be held in Hong Kong. Retail sector surges Hong Kong's retail sector rose faster than expected in July as the strong economy buoyed consumer demand. Hong Kong's July retail sales volume grew 5.6 per cent from a year earlier to HK$17.4 billion (US$2.2 billion). Economists said they expect the positive momentum to continue for the rest of the year fuelled by the drop in unemployment, the ripple effect from the "feel good factor" of the Disney launch, rising interest rates and the vibrant inbound tourism. Harvey Nichols, like New York fashion label Ira von Furstenberg and French luxury footwear Roger Vivier which have just set up retail outlets in Central, is hoping to capitalise on the influx of mainland visitors who will be visiting Hong Kong Disneyland. Mr Poon is very optimistic about the retail market in Hong Kong, citing double-digit growth since April in his stable of international brand names that include Ralph Lauren, Bulgari, Chopard and Coach. World's freest economy confirmed Compared to 127 economies, Hong Kong came up tops in "freedom to trade internationally" and "regulation of credit, labour and business", and second in "size of government". Related links | |||||||||
| |||||||||
|
|
