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Saturday, November 15, 2014

Billionaire Kwok Says Hong Kong Protest Weakening Hotel Bookings

(Bloomberg)  Billionaire Thomas Kwok said that Hong Kong's pro-democracy protests are weighing on bookings at Sun Hung Kai Properties Ltd.'s 16 hotels, which include The Ritz-Carlton and the Four Seasons.

Revenue at the Ritz was about 10 percent below expectations for September and October, Kwok, a co-chairman, told reporters after the company's annual meeting in Hong Kong today. The firm's other hotels had gaps of about 5 percent to 10 percent, he said.

Street occupations are entering an eighth week, as students press the Chinese government to drop restrictions on how candidates will be nominated in the city's first one-person, one-vote election of a chief executive in 2017. The protests and limited prospects for export gains are clouding the economic outlook, the government said Nov. 14.

"For the moment, the impact is mild but we can see room booking orders for coming months are noticeably weaker than last year's," said Kwok.

Sun Hung Kai had HK$3.93 billion ($507 million) of revenue from hotel operations in the year ended June 30, according to an exchange filing.

Kwok is on trial in the High Court in Hong Kong, where he denies charges including conspiring to bribe former Chief Secretary Rafael Hui. He didn't discuss that case at today's briefing.

Source: Bloomberg News by Michelle Yun and Zijing Wu

from China Travel & Tourism News


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