ECONOMY | Staff Reporter, Hong Kong

Real estate business receipts down 18.2% in the third quarter

Another loser was financing industries, except banking, with 13.6% fall.

The Census and Statistics Department reported:

Comparing the third quarter of 2011 with the third quarter of 2010, the retail (+27.5%) and the accommodation (mainly referring to services provided by hotels) (+22.0%) industries recorded more significant increases in business receipts alongside with vibrant inbound tourism. Other major service industries that recorded increases in business receipts of more than 10% included the courier (+11.2%); insurance (+10.4%); and warehousing and storage (+10.3%) industries.

On the other hand, the real estate and financing (except banking) industries recorded year-on-year decreases in business receipts of 18.2% and 13.6% respectively in the third quarter of 2011, mainly affected by the consolidation of local residential property market; amid the sluggish recovery in the advanced economies and deterioration of European debt problems.

Analysed by service domain, business receipts of the tourism, convention and exhibition services domain increased significantly by 24.5% in the third quarter of 2011 when compared with the third quarter of 2010, mainly due to the increases in the number of incoming visitor arrivals and tourist spending in Hong Kong. During the same period, business receipts of the computer and information technology services domain edged up by 0.8%.

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