The last few years have been very difficult for Hong Kong. The riots in 2019 were followed by COVID in 2020 and then the loss of civil liberties as a result. Now the economy is in danger.
Hong Kong is facing many hurdles. One individual in Hong Kong shared some of the challenges for the people in this tiny country.
In China, the property crisis worsens as more debt is coming due and new starts for builders are down 47% from last year. This impacts Hong Kong banks and the economy there as well.
China’s property crisis worsens, with data showing sales at the 100 biggest builders sank 47% in February y/y, worse than January. And there’s a *big* bond bill to pay this month. 6/10https://t.co/c2RPqrFFgO
— Sofia Horta e Costa (@SofiaHCBBG) March 4, 2022
The mood in Hong Kong is bearish with the local markets dropping to lows not seen since 2016.
The mood in HK markets is particularly bearish. Another 0.95% drop on Monday and the Hang Seng Index would close at the lowest level since 2016. 8/10https://t.co/lTzF5GjnHo
— Sofia Horta e Costa (@SofiaHCBBG) March 4, 2022
Hong Kong banks are providing employees bonuses to try to boost morale.
JPMorgan hands out cash to boost morale among bankers in HK. Goldman offers allowances to employees with kids stuck at home. There were 43,689 net departures from the city in just two weeks, the most since the start of the pandemic. 9/10https://t.co/BWaHT9xR0l
— Sofia Horta e Costa (@SofiaHCBBG) March 4, 2022
Hong Kong is being destroyed by COVID policies all recommended and enforced by China. Add to that the property crisis in China and you have a perfect storm.
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