[Hong Kong News]The wealthy man exclaimed “What a big wok” before the stock market and retail industry both plummeted; another real estate company with assets of nearly 100 billion was hit by a thunderstorm; could “dramatic changes in the judiciary” set off a wave of capital? | Hang Seng Index | Eric Tsang | Retail Industry | Hong Kong Stocks | YATA Department Store | DONKI | Intermediaries | Hongyang Real Estate | Liquidation Petitions | Evergrande | Country Garden | Default Storm | Judicial Interoperability | Peiyao International | Capital Routing

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**Economic Struggles in Hong Kong: Retail Industry Hit Hard as Stock Market Declines**

The economic woes in Hong Kong continue as the Hang Seng Index fell below the 15,000 mark, marking a significant decline in the stock market. This comes after three consecutive weeks of losses, totaling a 10% decrease. Former Financial Secretary John Tsang has expressed deep concern about the state of the retail industry in Hong Kong.

The three major U.S. stock indexes reached their peaks recently, with Japanese stocks also hitting a new high in nearly 34 years. However, the weakness in Hong Kong stocks persists, despite efforts to open higher this morning.

In addition, the retail industry is facing unprecedented challenges as at least 10 large chain companies have partially or completely closed down in the past year. Former Financial Secretary John Tsang shared his concerns on social media, emphasizing the difficult future ahead for Hong Kong’s retail sector.

The struggles in the retail industry are reflective of broader economic challenges in Hong Kong. Li Zhaobo, an expert, believes that the political environment and the current macro-economy have led to foreign investors losing confidence in the Hong Kong market. As a result, the city has lost its role as an intermediary in bringing together domestic and overseas brands.

Furthermore, the economic downturn has also impacted real estate companies, with the parent company of Mainland Hongyang Real Estate Group Co., Ltd., facing a liquidation petition in the Hong Kong court. Evergrande Group, the leading real estate company, has also faced liquidation petitions multiple times in Hong Kong, pointing to the dire situation in the real estate sector.

Adding to the challenges is the implementation of the “Arrangement on the Mutual Recognition and Enforcement of Judgments in Civil and Commercial Cases between the Mainland and Hong Kong Special Administrative Region Courts.” This new regulation will allow for greater judicial interoperability between mainland China and Hong Kong in civil debt cases, raising concerns and uncertainties about the future of asset management and investment in Hong Kong.

As the economic struggles persist, it is clear that both the retail and real estate industries in Hong Kong are at a critical juncture. The future remains uncertain, and it is evident that significant measures and reforms will be needed to restore confidence in the economy.

The original title of this article is “Before the Hang Seng Index fell below the 15,000 mark, the rich man exclaimed ‘What a big wok'” and it was authored by Zheng Xin. This article or program was edited and produced by Voice of Hope. When reprinting, please indicate Voice of Hope and include the original title and link.