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Article: Hong Kong Residents Try to Adjust to New Economic Reality.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- July 17, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Ken Moritsugu, Knight Ridder Washington Bureau Knight Ridder/Tribune Business News
Jul. 17--HONG KONG -- After six years of economic stagnation, Hong Kong residents are adjusting to a new reality: The boom times may never come back.
When real estate prices soared in the mid-1990s, it was easy "to make a ...uick buck," said Henry Tang, the minister for commerce, industry and technology. "Now, we have to do a real day's work."
If work can be found, that is. Unemployment has climbed above 8 percent in this southern Chinese territory of 6.8 million people. The SARS crisis, which took more than 300 lives and leveled the tourism industry, ...