GBA Briefs: 4/5/2020

  • Guangzhou Railway Corp., which operates most of the intercity lines in the province, saw a record number of passengers on its trains for the first day of the Labor Day holidays, according to local media. On May 1, 7.37 million passengers took intercity trips on the network. That was expected to grow over the following four days of the holiday. DY.
  • More than 1 billion yuan’s worth of consumption vouchers have been issued so far in Guangdong, the highest in the country, according to local media. These include special coupons for buying cars at heavily subsidized prices, household appliances, as well as catering and restaurant discounts. DY.

  • Foshan’s 100 million yuan of consumption vouchers generated more than 600 million yuan in sales from 3.75 million transactions during the month of April, officials claim. SCN.
  • The Shenzhen Wine Industry has gathered more than 200 retailers to cooperate in a 50-million-yuan voucher giveaway program. SZN.
  • Guangdong’s top 5 tourist spots over the first two days (May 1-2) of the five-day Labour Day holiday were: Baiyun Mountain in Guangzhou, 21.26 million visitors; West Lake in Huizhou, 110,000, Xinghu in Zhaoqing, 50,894, Overseas Chinese Town in Shenzhen, 49,253, and Dongguan’s Songshan Lake, 36,691. SZN.
  • Supermarkets, department stores and shopping malls in Shenzhen have been seeing a strong rebound over the Labor Day holiday, according to local media, driven by hundreds of millions of yuan in consumption vouchers. SZN.
  • Hong Kong’s economy has experienced its worst performance on record, slumping 8.9 per cent in the first quarter of the year amid the coronavirus pandemic. SCMP.
  • Beijing’s liaison office in Hong Kong continued its barrage of criticism over the city’s affairs, slamming “anti-China” politicians and foreign forces on Sunday for opposing national security legislation and glorifying the criminal acts of the city’s radical protesters. It had warned a day earlier that Hong Kong would have no future if anti-government protesters returned to violence instead of working together to battle the coronavirus crisis. SCMP.
  • Hong Kong stocks suffered their worst fall in six weeks as US-China tensions flared up over the coronavirus and the US-China trade deal. The Hang Seng Index fell more than 1,000 points. SCMP.
  • Mainland buyers are shying away from real estate in Hong Kong as the coronavirus pandemic clouds the economic outlook and keeps investors from traveling to the city. No commercial property transactions in the first quarter involved a buyer from the mainland, the first time that’s happened since 2009, according to CBRE Group. Bloomberg.

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