Beijing's Credit-Card 'Gift' Lifts Hong Kong Retailers

Evening Standard - London › January 19, 2004

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Summary

BEIJING has been showering gifts upon its troubled territory of Hong Kong in the past half-year to help lift the local government and the economy out of a rut. Investors today reacted positively to the latest in a series of initiatives, which allows mainland Chinese visitors to use yuan-denominated credit cards in the former colony.

The relaxation, which came into effect yesterday, put a rocket under some retailers' shares as punters believed that Chinese tourists would be even more inclined to open their wallets and splurge with one more payment method open to them. Blue-chip clothing retailer Esprit gained 25 cents to HK$24.60 while small cosmetics chain Sa Sa International did far better, surging 20 cents or 9.2% to HK$2.275.

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Beijing's Credit-Card 'Gift' Lifts Hong Kong Retailers

Tourists from the rest of China are increasingly important to the Hong Kong economy. Alongside the debit-card reforms, Beijing ...

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