Hong Kong Protest Worsened by Mob Attacks, Economy Drops

Hong Kong Protest Worsened by Mob Attacks, Economy Drops

On Wednesday, a major bank cautioned about the weeks of protests in Hong Kong could hit the economy of the Chinese-ruled city.

It can also strike the mainland China itself as protestors held a sit-in at the subway site of a mid-summer mob attack.

Hong Kong-based Bank of East Asia Ltd (BEA) posted a 75% fall in first-half net profit.

This was after it wrote down loans in China due to a downturn in commercial property markets outside China’s top cities.

Warnings were given about the social disturbance in Hong Kong and a trade dispute between China and the United States could impact the economies of China and the former British colony.

It said in a statement, “The tense atmosphere (in Hong Kong) is likely to weigh on consumer and business confidence, and on in-bound tourism, if there is no resolution soon.”

After 11 weeks, some Hong Kong businesses have been dragged into controversy of sometimes forceful clashes between police and pro-democracy protesters, angered by a perceived erosion of freedoms.

Pilots and cabin crew at Cathay Pacific Airways defined a “white terror” of political criticisms, sackings and phone searches by Chinese aviation officials.

BEA and its opponents have closed branches in the vicinity of protests. These are to which they are already demanding a toll on Hong Kong’s economy and tourism.

Asian Financial Hub on The Edge of Recession

The Asian financial hub is also on the verge of its first recession in a decade.

Hundreds of protesters, many masked and some with helmets, have gathered peacefully at the suburban Yuen Long mass-transit rail station.

This is one series of running marches over 11 weeks that have sometimes turned violent, including the attack of the legislature and chaos at the airport.

On the night of July 21, an estimated 100 white-shirted men occupied the station just hours after protesters marched through central Hong Kong.

They also ruined China’s Liaison Office, the main symbol of Beijing’s government over the city.

The men attacked black-clad protesters returning from Hong Kong island, passers-by, journalists and lawmakers with pipes and clubs.

The attack has resulted to about 45 wounded people.

In June, anger exploded over a now-suspended bill that would allow criminal suspects in Hong Kong to be deported to mainland China for trial.

On Tuesday, Carrie Lam, Hong Kong leader indicated again that the legislation was dead.