Hong Kong's Chinese restaurants welcome Lunar New Year with 10% income growth
Hong Kong's Chinese restaurants enjoyed a 10 per cent rise in business over the Lunar New Year holiday, driven by a boost in consumer spending spurred by festive events and an increase in mainland China visitors due to a revived multiple-entry visa scheme.
Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, said the catering industry expected to fetch about HK$1.2 billion (US$154 million) during the three days before the festive holiday.
'This year the industry has enjoyed a brisk business with a 10 per cent rise in income,' he said.
'Despite the trend of Hongkongers travelling overseas and heading north to spend, there are more mainland visitors coming to the city thanks to the multiple-entry visa scheme, leading to the warming up of spending sentiment.
The scheme, which allows Shenzhen residents to make an unlimited number of visits to the city within a year to boost the city's economy, resumed on December 1.
'Also, with more festive events being organised, more locals are willing to dine out and spend. Actually, the industry has enjoyed a marked rise in business over the past two months as more Hongkongers are willing to stay out late.'
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