Banking Crisis in China Hits Hong Kong, Foreclosures up for 3 Mos, Surpassing Financial Crash Levels

The rows of closed shops on the streets of Hong Kong tell a bleak story. This once-bustling economic hub is now visibly declining. Before the pandemic, these commercial areas were packed with people. Now, only a few passersby remain, and the former hustle and bustle is gone.
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[ADVTelluride]

I grew up in HK in the 80s & 90’s. Was there for the Handover & finally left in 2005. So sad to see the death of a vibrant city.

[An-lvvw]

HongKong started dying in 1997. CCP’s massaging of GDP figures created artificial boom but post covid HK is dead. Chinese manufacturing export machine has now wafer thin margins after labour costs, taxation and tariffs in rest of the world. Best would be for West to pull out all manufacturing to other locations

[tingjd]

I was there just 2 weeks ago and I saw vacated premises everywhere. No one seems happy there. The Outback restaurant that I always go to was shut down. Its sad. Things are going to be worse.

[edwardharley]

Very very sad. Hong Kong used to be one of the most dynamic and exciting cities in the world.

[darrenmarchand]

The British left Hong Kong a beautiful thriving democracy and China destroyed it it’s shame

[tinger]

Thank you CN for ruining one of the world's best city. I worry about food safety now in HK.

[Littlepunk]

The biggest beneficiary of Hong Kong's fall is Singapore.

[SomeDayDreamer]

Can confirm empty shops my wife (a HK local) and I left HK finally (Been there since 2013) back to Toronto because its so bleak. Not just that but t hose who DO have jobs the Mainland style 9-9-6 culture is creeping in, and ontop of all that internal memos are being passed around to not call Taiwan, Taiwan. Strange days in HK. LKF is not that empty tho you can still go there and see locals vomit and pass out in the road.

[turnip]

Sad to see once used to be a thriving city turned into a slump

[pngcheehock]

GOOD NEWS...nice to have such updates.

[DeanGinoza]

China economy is in ruins. The real estate market is shot. Manufacturing jobs are lost.

[eddiedeane]

I live in Sai Kung where there used to many diverse offerings with many different places to eat and many unique shops. Now, due to high rents and more people preferring to go across the border for shopping / entertainment, we see fewer people and many shops have closed. Indeed all of this has happened post covid, looks like Hong Kong will have a “hard reset”

[Ukie]

We knew this would happen when dinosaur Xi brought HK backwards.

[mah]

Kinda of strange when the Brit’s were in charge of Hong Kong. It strived for the best becoming a financial powerhouse. The sky was the limit. Fast forward now it’s a shell of its former self and glory days are gone.

[rupertcortes]

Don't accept Chinese Tourist. No money, and no respect to locals.

[anthonyferris]

My town in the UK has a very noticeable increase in Hong Kong former residence.

[zohanrock]

I was in HK every year since the pandemic and the streets are definitely quieter figuratively and literally. Someone setup a memorial for Leslie Cheung along the harbour walk and I can't help but think that it might as well be for HK as well.

[totallynotthecia]

The street at the start with all the vacant storefronts looks like a lot of US cities right now too sadly

[Fish_Ventura]

Yeah, I was there back in the day, , crowded streets

[jolibedano]

The CCP intentionally destroyed Hongkong because it is a shining example OF DEMOCRACY to the chinese people.