Drop in China tourists takes toll on HK - from bling to buns
After falling 16% in 2015, mainland tourist numbers are down 13% in first 4 months
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Hong Kong
HONG KONG'S sharp drop in visitor arrivals from mainland China has hurt retailers' sales from luxury watches and gems to anti-wrinkle cream and pastries as the slowdown deepens in the world's second biggest economy.
Net income at Sa Sa International Holdings Ltd fell 54 per cent to HK$383.5 million (S$67 million) in the year ended March 2016 on poorer sales to Chinese customers, and the cosmetics stores operator said that Hong Kong's retail market "will continue to face a number of challenges" amid China's weak economy and stricter entry rules for mainland visitors.
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