Top News

Showa Shell Surges 29% After Idemitsu Acquisition Report

China Slowdown Hits Hong Kong Jewelry Sales, Luk Fook Says

Chinese tourists are spending less money in Hong Kong as the mainland economy slows, weakening demand for jewelry, said Wong Wai Sheung, chief executive officer of Luk Fook Holdings (International) Ltd. (590)

Sales at Luk Fook’s stores, mostly in Hong Kong and the mainland, may grow less than 10 percent for the rest of 2012 compared to the same period a year earlier, Wong said at a press briefing in Hong Kong yesterday. That compares with a 47 percent gain in the year ended March 31.

“Visitor arrivals are growing, but as the Chinese economy is slowing, the mainland shoppers in Hong Kong are not splashing out as much,” Wong said. “I’m not too optimistic about the jewelry market this year.”

To contact the reporter on this story: Justina Lee in Hong Kong at

To contact the editor responsible for this story: Hwee Ann Tan at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.