Experts say the worst or 300,000 people are unemployed

Violent demonstrations in Hong Kong have continued to heat up in the past few weeks. Traffic in all districts has been paralyzed irregularly. Whether travelers or local residents are willing to spend less, restaurants are closing down. Even surviving businesses or businesses need to find ways to "slim down". In recent days, there have been many hotels requiring employees to take unpaid leave in turn. Others need to ask the owners for help and discuss rent reduction. Some restaurants have even suddenly closed. About 70 employees have been in arrears and the whole city has become self-endangered.

Average price of hotel seascape room is lower than that of bargain room

Following the notice of unpaid holidays issued to all employees by 10 hotels under Changshi's banner earlier, Ho Hongxing, Organizational Officer of the Catering and Hotel Workers'Association, also confirmed that Hong Kong Intercontinental Hotel e-mailed employees referring to the decline in hotel occupancy and catering income as a result of "social events", requiring department heads and ordinary employees to release the notice. Annual leave and unpaid leave.

At the same time, there has been a downward trend in Hotel prices. Although the Qingyi Yonglun 800 Hotel has only 3 stars, the average price per night is only more than 100 yuan (Hong Kong dollars, the same below), which is lower to 78 yuan per night in some days. Most of the hotels have seascapes overlooking container terminals, and the price of a full 30-night stay is lower to 320 yuan, which is cheaper than renting mini-households or even swindling rooms.

Wanchai Tea Restaurant Business fell 50%.

Another major disaster area is the catering industry. Mr. Yan, who runs a tea restaurant in Wanchai, said that the "conflict" has hit business hard, falling by about 40% and by as much as 50% over the weekend, showing signs of deterioration.

Mr. Yan revealed that the current rental of about 3,000 square feet of berths, more than 200,000 yuan a month, earlier renewal and rent increase with the owners, but will intend to renegotiate rent reduction.

In addition, a new seafood restaurant in Guanghua Street, Mongkok, was suddenly closed recently. About 70 employees were in arrears for one month's salary and severance pay. Mr. Zou, a civil servant, said that he had just taken up his post in April and was the economic backbone of a four-member family. He was in arrears of more than 10,000 yuan in labor costs.

He also pointed out that since June, business has fallen by at least 30% or 40%, and the boss has "moaned that business was quiet earlier", since last month, he has changed from automatic transfer to cheque for food. He has been hoping to tide over the difficulties with his boss, seeing the restaurant closing down and feeling helpless.

Property experts: at worst 300,000 people are unemployed

Regarding the current market situation, Tang Wenliang, a real estate expert, believes that Hong Kong's economic deterioration is just the beginning. At worst, as many as 300,000 people are unemployed or underemployed, accounting for 7.5% of the total labor market. In addition to the current 2.9% unemployment rate, the total number exceeds 10%. He expects the unemployment rate to exceed 6% by the end of the year, 8% to 9% by 2020, and 10% if the situation worsens.

How do we get 300,000 figures? Tang Wenliang explained that the first impact is the retail industry. If the chain stores cut down their branches, it is inevitable that one of the two stores will be reduced. It seems that Cuihua has four stores in Causeway Bay and immediately closed two. Therefore, 50,000 unemployed people in the retail industry can be expected in a short time. The unemployment rate in the tourism industry, which runs side by side with the retail industry, will be similar.

He pointed out that there were 300,000 small and medium-sized enterprises in Hong Kong, and 150,000 people were unemployed when one person was cut in every two rooms on average. Large companies are also preparing to lay off about 50,000 employees.

In addition, although property prices have been adjusted, Tang Wenliang pointed out that it is not the time to enter the market at present, the overall price of property fell by at least 20%. Among them, nano-buildings can fall by 30%.