Thursday, 8th July 2004 (4267 views)

The Individual Visit Scheme has reportedly helped boost Hong Kong's economic and stock market recovery since its launch last July.

The share price of luxury goods firms and retailers, including gold and jewellery seller Hangfung Gold Technology, has risen due to the influx of affluent travellers from Chinese mainland.

Hang Fung Gold Technology has doubled its share price within the last year and profits at the company have risen as a direct result of the Individual Visit Scheme.

A spokesman for Hang Fung Gold Technology reported that 70 per cent of its customers were now mainland visitors.

Meanwhile, the Hang Seng index, the key barometer of the Hong Kong stock market, has risen by 20 per cent over the past 52 weeks, Xinhuanet reports.

Stock analysts are optimistic that the retail sector, particularly jewellery, electronics and brand apparels firms, will continue to reap the benefits of the Individual Visit Scheme, particularly following its expansion to another nine cities in three mainland provinces on July 1st 2004.

 

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