European slowdown hits Hong Kong market


The Eurozone crisis is having a huge impact on Hong Kong traders, according to a report from CNN.

The broadcaster quotes Lau Choi Kee president Jacky Lau, which is one of Hong Kong’s oldest recycling companies, who said the crisis in Europe is leading to lower prices.


He said: “Europe is facing many economic problems and this has translated to fewer manufacturing orders for clothes and toys in China. Fewer orders mean a slowing demand for paper boxes, so prices have fallen dramatically.

“July is when prices should start to pick up. Retailers in Europe and the US should be placing their Christmas orders right now, but business has remained relatively quiet. The second half of this year is looking rather grim.”