HK Finance Industry Receipts Up 68.8%

by Mary Swire, for LawAndTax-News.com, Hong Kong

13 March 2008

Hong Kong's business receipts in all service industries grew in value terms last year, according to figures released today by the Census & Statistics Department.

Among them, finance industry business receipts grew 68.8%, and those for real estate and banking industries rose 39.1% and 38.4% on the previous year.

The Department on Tuesday explained that the rise for the finance (except banking) industry was due to the buoyant local stock market, while that of the real estate industry was attributable to the brisk trading activities in the property market.

The business receipts rise of the banking industry was mainly due to continuous growth in non-interest income.

Other service industries showing business receipts growth included insurance (+28.4%), storage (+15.9%), hotels (+15.4%), restaurants (+13.5%), business services (+13.2%), wholesale and retail (+12.3%), and transport (+10.8%).

Business receipts for the tourism, convention and exhibition services domains and the computer and information services domains rose 17.1% and 6.5%.

Additionally, business receipts for all service industries increased in the fourth quarter compared with a year earlier.

Larger rises were recorded in the finance (except banking) (+83.1%), real estate (+66.8%), banking (+45.3%), insurance (+34.0%), wholesale and retail (+17.2%), hotels (+17.0%), communications (+15.5%), restaurants (+15.1%), transport (+14.6%) and business services (+14.2%) industries.

Finally, business receipts for the tourism, convention and exhibition services sectors grew 21.5% in the fourth quarter, while those of the computer and information services domains rose 14.7%.

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