UBS: Expects 24-hour customs clearance at ports to have a negative impact on Hong Kong's retail tourism industry
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The Hong Kong government plans to increase the number of 24-hour clearance ports to improve the cross-border experience. UBS Group AG predicts that this will have a negative impact on the retail and tourism industry in Hong Kong, which may pose greater challenges for WHARF REIC, HYSAN DEV, and LINK REIT. It is forecasted that Hong Kong's retail sales may experience negative growth in 2024. The government hopes to include Luohu and Lok Ma Chau in the plan in the first phase, and expects more ports such as Shenzhen Bay and Liantang to provide 24-hour clearance in the future.
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