HK unrest hurting revenue at Sun Hung Kai hotels
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Hong Kong
BILLIONAIRE Thomas Kwok said that Hong Kong's pro-democracy protests, which are entering an eighth week, 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 per cent below expectations for September and October, Mr Kwok, co-chairman, said after the company's annual meeting in Hong Kong on Nov 15. The firm's other hotels were down by about 5 to 10 per cent. "For the moment, the impact is mild, but we can see room booking orders for coming months are noticeably weaker than last year's," he said.
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