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Billionaire Kwok Says Protests Weigh on Its Hong Kong Hotels

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Billionaire Thomas Kwok said that Hong Kong’s pro-democracy protests have hurt revenue at Sun Hung Kai Properties Ltd.’s hotels and bookings for coming months are weaker than a year earlier.

The Ritz-Carlton’s revenue 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 on Nov. 15. The firm’s other hotels were down by about 5 percent to 10 percent, he said.