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Tourism in trouble, Bloomberg leads analyst Guo Guotai to lay off thousands

2019-12-18T04:38:00.432Z


Hong Kong's tourism industry is in trouble. According to data released by the HKTB yesterday, the number of visitors to Hong Kong in November dropped 56% year-on-year to 2.6 million. Cathay Pacific Airways (0293), the leader of Hong Kong Airlines, also announced on the same day1


Financial news

Written by: Zhang Weilun

2019-12-18 12:32

Last updated: 2019-12-18 12:32

Hong Kong's tourism industry is in trouble. According to the data released by the HKTB yesterday, the number of visitors to Hong Kong dropped by 56% year-on-year to 2.6 million in November. Cathay Pacific Airways (0293), the leader of Hong Kong Airlines, also announced that November ’s passenger traffic fell by 9% And fell for 4 consecutive months. The relevant data reflect that the tourism industry in Hong Kong has fallen into a trough. "Bloomberg" also quoted analysts as saying that Hong Kong's aviation industry may lay off staff, and even airlines are in financial difficulties.

The report quotes aviation consulting company Endau Analytics, stating that travelers from all over the world have reduced their willingness to travel to Hong Kong due to the impact of social events in Hong Kong, and Cathay Pacific is expected to cut 1,000 jobs.

Shukor Yusof, founder of Endau Analytics, believes that Cathay Pacific may take precautionary measures to lay off employees or be one of them. It also believes that there is no way to solve the current social dilemma.

Seven Airlines planes seized

As for Hong Kong Airlines, which was in financial distress earlier, seven idle aircraft were seized by the Hong Kong Airport Authority on Monday (16th). The report quoted DBS analyst Paul Yong as saying that when the plane was seized, it could be a prelude to the airline's bankruptcy.

Regarding the analyst's comments, the report quoted a Cathay Pacific spokesperson reiterating that the company had announced a freeze on staffing, while Hong Kong Airlines did not comment on market rumors, stating that the company is operating normally.

Cathay Pacific Hong Kong Airlines

Source: hk1

All news articles on 2019-12-18

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