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China Slowdown Cuts Luxury Spending, Hong Kong Retailing

China’s slowdown dragged Hong Kong’s retail-sales growth to the weakest pace since 2009 as shoppers visiting from the mainland cut back on purchases of luxury goods such as jewelry and watches.

Sales increased 8.8 percent in May from a year earlier to HK$36 billion ($4.6 billion), the government said yesterday. That was the smallest gain since September 2009, excluding seasonal distortions each January and February.