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Bloomberg
Hong Kong Financial Secretary Paul Chan unveiled a range of relief measures worth about HK$2 billion ($255 million) targeting tourism and the transportation industry in a renewed effort to help businesses grappling with the economic fallout of ongoing political turmoil.
Widening the scope of a 50% rent reduction announced in an earlier package to include some car parks, restaurants and shops in public properties, worth about HK$600 million.
Hong Kong government is in talks with the travel industry over additional relief measures; local media had earlier reported potential air fare and hotel subsidies. Hong Kong’s economy has rapidly deteriorated this year in the face of ongoing anti-government protests in the streets and the US-China trade war’s impact on exports.
Advance third-quarter economic growth figures are set to be released on October 31.
Chief Executive Carrie Lam’s annual policy address focussed on measures aimed at poorer citizens, including making it easier for first-time buyers to get mortgages on properties, increasing land supply, annual grants for students, as well as more subsidies for public transit.
An earlier stimulus package announced by Chan in August included benefits for both citizens and companies. More recently he’s called on property owners and developers to offer rent relief to struggling retailers, noting that about 100 restaurants have shut down because of the unrest, affecting about 2,000 employees.
The latest economic indicators showed unemployment in the consumption and tourism related sectors climbed to the highest in more than two years for the July-to-September period, according to government data.