'Boost from multi-entry permits will take time'

The Hong Kong Retail Management Association on Friday hailed the mainland authorities' move to bring back multi-entry visas for Shenzhen residents visiting Hong Kong, saying it will boost consumption. "This policy, along with the increase in the duty-free allowance for mainland visitors and the expansion of the individual visit scheme, will stimulate the flow of visitors to Hong Kong and contribute to the local retail market," executive director Bond Law said. "However, [due to] the change in tourist consumption patterns, it will take some time and effort from all sectors to enable the multiple entry policy to fully take effect." Agnes Chan, chairwoman of the Hong Kong General Chamber of Commerce, said it will now be more convenient for Shenzhen residents to come to the SAR. “This will inject fresh momentum into sectors such as tourism, food and beverage, and retail, while boosting market confidence,” she said. Kenny Shui, vice president of the Our Hong Kong Foundation, said the measure will boost the region’s economic growth through attracting more visitors, and broaden the SAR's appeal as a destination for mega tourism events. Shui said the arrangement will not only help with the recovery of the tourism industry, but will also foster cultural and economic exchanges in the Greater Bay Area. Marcos Chan, head of Research at CBRE Hong Kong, said retail, food and beverage businesses near MTR stations in the New Territories will particularly benefit from the arrangement. “This, together with the expanded capacity of the Hong Kong International Airport via the commissioning of the third runway will warrant sustained and accelerating inbound tourism recovery for Hong Kong,” he said. Chan said he also expects leasing demand for shops at sightseeing spots to improve. “Should interest rates further lower, domestic consumption will also strengthen as household burdens reduce. A fuller retail market recovery is expected for 2025.”

'Boost from multi-entry permits will take time'

'Boost from multi-entry permits will take time'

'Boost from multi-entry permits will take time'

'Boost from multi-entry permits will take time'

'Boost from multi-entry permits will take time'