WeSpend: Data from Alipay and WeChat Pay has shown a surge in consumer spending over the Labor Day holiday, which ended yesterday. Guangdong led the charge among 29 provinces, with nearly half a billion yuan of e-coupons driving consumption by a factor of 11 times over the first three days. Total spending was expected to be higher than the same period last year, and back to pre-coronavirus levels. Compared with the first five days of March, spending on the leisure and entertainment industry jumped 521.60%, the catering industry by 216.25%, the retail industry by 48.44%, and the travel industry by 64.48%. SCN.
Whither tourists? Guangdong received 18.615 million tourists who generated tourism revenue of 10.36 billion yuan over the Labor Day five-day holiday, official data has shown. No indication was given of how much that was down on the same period in 2019. SCN.
Trains busy: Guangdong’s intercity railways carried more than 6.15 million passengers yesterday, the last day of the holiday. SCN
Shenzhen down: Although Shenzhen’s beaches and malls were packed over the Labor Day holiday, it was not all tourists. Official data for the five-day holiday shows the number of tourists received by the city fell 61.53% YoY, while revenues fell 69.18% YoY. Star-rated hotels had an average occupancy rate of just 23.38%. SZN
Zhuhai parks: Zhuhai’s main parks received more than 400,000 visitores over the past five days. SCN
Zhuhai islands: Tourism to Zhuhai’s offshore islands was fully resumed over the Labor Day holiday, and numbers were positive. Preliminary data shows Wanshan Island welcomed 18,467 visitors, roughly the same as last year, generating revenues of over RMB14 million. SCN
ChiNext trial: The Shenzhen Stock Exchange’s ChiNext board is officially launching a trial of a registration-based system for initial public offerings (IPOs), making for even more direct competition with its rival in Shanghai, but also raising the question of overhauling the broader A-share market. Caixin.
Shopland for sale: For the first time in more than a decade, prime commercial real estate is up for sale in Hong Kong, with an entire building block on the market in Causeway bay, as long-term property investors anticipate a further fall in prices. SCMP.
Old boys club: A new alliance led by former Hong Kong leaders Tung Chee-hwa and Leung Chun-ying has enlisted Hong Kong’s five wealthiest men, all but one of its university presidents and an ex-police chief. The 1,500-member Hong Kong Coalition says it aims to rescue the coronavirus-hit economy and resolve the political crisis over the anti-government protests. SCMP.
Parking spaces tumble: Car parking spaces are no longer what they used to be for investors in Hong Kong. In April, transactions were down 67% YoY, with turnover falling 84.2% YoY HK$358 million, according to Land Registry data compiled by Hong Kong Property (Services). SCMP.