Mainland shoppers trigger HK retail boom
HONG KONG - Ju Wei, the owner of an advertising company in the northwestern Gansu province, makes an 1,800 kilometer trek to Hong Kong at least six times a year to go shopping.
"Hong Kong is an international city, and that shopping atmosphere and environment is fantastic," said Ju, 29, who carries a shopping list from her friends in Lanzhou. "The stuff in Hong Kong has higher quality. It's so cheap."
Mainland residents, their wealth bolstered by an economy that grew at the fastest pace since 2007 in the fourth quarter, are visiting Hong Kong in record numbers and spending on luxury. February retail sales rose 36 percent from a year earlier, the fastest pace since 1988, the government said. They are also paying record prices for apartments, prompting the government to warn of a property bubble.