Bankruptcy petitions jump 21% in April

Year-on-year increase highlights tough business conditions prevail in Hong Kong.

The government revealed that 815banlruptcy petitions were filed in April, 2.6% higher than March and 21% higher-year-on year. The January to April total rose 10.5% to 3,010 petitions.

The government issued 927 bankruptcy orders in April, up 20.4% year-on-year and 36% higher than March. Bankruptcy orders came to 3,126 from January to April, or up 18.6% higher-year-on year.

Hong Kong's economy grew a seasonally adjusted 0.2% in the first quarter compared to the previous three months thanks to resilient domestic demand. Weak trade in developed markets, however, was blamed for a slower pace of growth.