Hong Kong Currency: a Travelers' Guide to Money in HK

Hong Kong Currency: a Travelers' Guide to Money in HK

In Hong Kong, you'll need to know how to use the local currency called the Hong Kong dollar (HKD) , how to obtain it, and how to pay for things in Hong Kong. It's all here...

Important Things to Know about Hong Kong Currency

Hong Kong has its own currency called the Hong Kong dollar (HKD). HK uses a different currency to Chinese mainland's yuan (RMB) or the Macau pataca (MAP).

Using money in HK is easy for foreigners : Travelers generally find that their cards are accepted widely and that transactions and ATM withdrawals are easy. It is easy to exchange money at good rates at some currency exchanges.

Interesting Hong Kong Money Facts

  • Interesting fact: This region has about 7.5 million people in 2019, but its currency is the world's 13th most traded currency.
  • Stable currency: It is considered a stable, more secure currency, and it is currently rising in value as the US dollar rises.
  • The Hong Kong dollar (HKD) is pegged to the US dollar at a rate of about 7.80 HKD to 1 USD. HK$ 1.00 is equivalent to US$ 0.13 or 13 US cents.
  • Three different banks produce the banknotes: HSBC, Standard Chartered Bank and Bank of China.

Hong Kong Dollar Banknote/Coin Denominations

For Americans and citizens of some other countries, handling Hong Kong paper cash is more familiar since the denomination values are about the same as in the US. Hong Kong dollar notes in everyday circulation are $10, $20, $50, $100, $500 and $1,000. However, there are no $5 HKD and $1 HKD notes. There are coins for these amounts as well as a handy $10 HKD coin. However, the cash is colorful unlike the American cash.

Banknote colors: $10 bills are green or purple, $20 bills are dark blue or light blue (old or new), $50 bills are purple or green, $100 bills are red, $500 bills are brown, and $1,000 bills are yellow.

Coins: The 10 cent coins are tiny and made of bronze. The 20 cent coins are bronze with a wavy edge. The 50 cent coins are bigger and bronze. The 1 HKD coins are silver, thin, and large. The 2 HKD coins are silver, large and with a wavy edge. The 5 HKD coins are silver, thick and large, and the handy 10 HKD coins are distinctive in that they are rather small, but they are thick and feel hefty with a bronze core and a silver rim.

ATMs in Hong Kong

It is fairly easy for travelers to find and use ATMs since they are everywhere except in remote areas such as in the countryside or small villages. Any sizable town of a few thousand people will have ATMs available to use.

ATMs can be found on almost city street, at bank offices, by supermarkets, next to many convenience stores, and in metro stations. They operate 24 hours. They take international cards and have instructions in English and Chinese. Generally, people can withdraw in amounts of 300 USD or 400 USD (4,000 HKD).

To get the best conversion rates and lowest fees, people should check with their home country banks and do some searching to find the ATMs that will give the best rates for their particular card. The various banks and banking networks offer different rates depending on their agreements with foreign banks.

  • For information on the use of Chinese ATMs in the Chinese mainland that present some singular problems, please see our ATM guide .
  • For our up-to-date information on China exchange rates, check out our Currency Converter .

How to Pay for Things in Hong Kong

Other than using Hong Kong dollar cash, options for paying for things in Hong Kong abound:

  • credit/debit cards and travelers' checks where they are accepted,
  • payment apps , such as Apple Pay, including China-based apps such as WeChat Pay and AliPay,
  • the locally innovated payment system called the Octopus Card ,
  • Chinese RMB cash where it is accepted.

Credit Cards and Travelers' Checks in HK

Paying by plastic is probably the easiest way to pay in HK.

Hong Kong is modern and international. It is the most popular city for tourism in the world, and so international credit cards such as American Express , VISA , Diners Club and MasterCard are generally welcome at the bigger hotels, retail shops and restaurants.

Businesses will often display signs showing which cards they will accept.

Payment Apps: Apple Pay, WeChat Pay, Alipay, Etc.

Electronic mobile payments apps are not yet as commonly used as in China where the majority of the population uses them every day now. The most commonly used app system in Hong Kong is Apple Pay. Other payment apps in use include Octopus's "O! ePay" and Android Pay.

People WeChat Pay and Alipay apps will find that many taxi drivers and some stores and restaurants in the tourist areas will accept them. They will post signs showing which electronic apps they accept.

Octopus Card: Recommended for Convenience

Part of the reason for the slower use of electronic payment systems is that the Octopus cards are universally used by the locals. In Hong Kong, the simple Octopus cards are probably the most suitable electronic method for tourists.

Octopus cards are handy for travelers. Not only do they allow for quick electronic payment for transportation such as the MTR metro to avoid getting tickets, you can use them to pay for everything from convenience store purchases to restaurant bills at many restaurants. Again, it is a method to avoid handling cash or getting scammed with counterfeit money.

How to get an Octopus card: You can buy these little plastic debit cards at a metro station ticket office or machine. You can also get them at the ferry ticket offices in Central. Add however much money you need. You can return these for a full refund of the 50 HKD price and any unused cash at stations and ticket offices.

Using Chinese RMB in Hong Kong

Some stores, supermarket chain stores, and the 7-11 convenience stores (there are many in Hong Kong) will accept Chinese RMB cash, but usually, they want to take something like 20% of the value as profit. If they will accept Chinese yuan, they might put up a notice about it or a 元 symbol.

RMB may be readily changed in Hong Kong into other currencies. Low limits are set on how much RMB you can change to a foreign currency in a single day in China itself.

  • For the best value for your Chinese RMB, convert your money at currency exchanges and don't try to pay directly with RMB.
  • (Macau patacas are not accepted in Hong Kong except perhaps in shops or restaurants near the Macau ferry piers.)

How to Exchange Money in Hong Kong

It fairly easy for travelers to exchange foreign cash for local Hong Kong dollars since numerous currency exchange places and ATMs are everywhere tourists usually go. It is only in remote areas such as in the countryside or local housing areas that it might be difficult to find currency exchange places.

At Hong Kong International Airport , currency exchange counters are open from early morning until late at night. Many located within the city stay open into the evening.

Tsim Sha Tsui and Nathan Road are where you can get the best rates since the competition is high. However, prices vary, and you can find better value for currency exchange not along the main tourist thoroughfares but just behind them in the side streets where the locals and Chinese go. If you want to find these places, do a little looking around.

In Chungking Mansion on Nathan Road, the little currency exchanges near the entrance post fairly fair currency exchange rates without any added fees, and their rates are better than in most other exchange windows in Tsim Sha Tsui. The rates inside are about the same. But they don't post the best value to be had in the area. You can get a better rate at little storefront exchanges on the side streets near the building.

International Money Transfers in Hong Kong

It is fairly easy and common to transfer money to and from Hong Kong. The million foreign workers and other residents as well as Hong Kong businessmen regularly transfer money back and forth to people all over the world.

The money transfer situation is much easier in HK than in Chinese mainland where there are numerous regulations, and various money transfer methods are blocked or are illegal. So if you need to send or receive money, it might be better to do it in Hong Kong than in China. You have several choices, such as inter-bank transfer, online money transfer, and international money transfer company offices.

Inter-Bank Transfers: Expensive

You'll find that interbank transfers are comparatively easy in HK. However, the exchange rate (often about 1 USD per 5.8 HKD or a 2 HKD loss per US dollar) can be quite unfavorable, and the bank fees might be quite high (20 USD per 1,000 for example) depending on the banks involved. So you might lose a lot of money by inter-bank transfer.

Online Money Transfers: More Economical, More Complicated

A better option might be online money transfer (e.g. Xoom or WorldRemit) or international money transfer offices.

Money Transfer Services (Western Union etc.): Popular

It is also fairly easy to transfer money to and from Hong Kong through the money transfer agents of big companies such as Western Union and MoneyGram . Western Union has hundreds of agents in Hong Kong. For your convenience to find their agent locations and available services in Hong Kong, here are the respective Western Union and MoneyGram sites for Hong Kong: https://www.westernunion.com/hk/en/home.html and http://moneygram.hk/

Money transfer offices might prove suitable for many tourists , especially those sending to/from those countries such as the Philippines and Indonesia that have hundreds of thousands of local residents transferring money back and forth to people back in their home countries.

The 7-11 company has agreements with MoneyGram and Western Union so that their 7-11 branches in Hong Kong that are equipped with functional money transfer kiosk machines can act as agents for you to send or receive money internationally.

Also, national oriented companies such as the Philippines' Cebuana Lhuillier for pera padala have agents in Hong Kong. The World Wide Plaza building is a location in Central near the IFC Mall is a useful place to go for money transfer offices of several companies since it is in a favorite tourist area.

How to Recognize Fake Money and Other Crime/Scam Tips

Fake money isn't much of a problem in Hong Kong. Thus far, the fake money that has been investigated by the police in Hong Kong is mostly poor in quality, and locals can spot the fake cash.

But since you as a traveler or tourist are a target because you are less familiar with the way the money looks and feels, we suggest look at the web pages of the Hong Kong Monetary Authority to familiarize yourself with the security features of Hong Kong banknotes.

Rub the bills in order to see whether it has an embossed texture. If you receive counterfeit money, hand it over to the police. Don't try to use it lest you be charged with a crime.

Avoiding Money Scam Tricks

Try to pay in smaller denominations to avoid getting fake cash back. So try to carry a supply of smaller bills and coins with you so that you can use it as you go around and to avoid fraud. As a foreigner, you probably are not familiar with the look and feel of real currency, so you might be more of a target for counterfeit fraud. To avoid getting counterfeit money in return, try to pay in smaller denominations.

For other tourist scams, see Avoiding Tourist Traps .

Some Cautionary Money Tips

Pick pockets: In crowded streets, on the trains and buses and other places where crowds press close, keep your money well secured and concealed. Keep an eye on your belongings. When you dine and shop, try to keep valuables close to you and don't leave them in positions where people might snatch them.

Bargaining: Bargaining in the street markets is a part of the culture. Remember to bargain. Particularly in tourist areas, in markets, and on the side streets, you as a foreigner you are a target for price hiking. You can try to bargain with other venders when a particular vender won't bargain.

Compare prices: However, in supermarkets and big stores, the prices are posted, and there is no bargaining. Do a lot of comparison shopping to get a feel for what a good price is.

Tipping in Hong Kong

Tipping in Hong Kong is appreciated and important (unlike in Chinese mainland).

Tipping at Hotels

Giving HK$ 10 to 15 for per piece of luggage carried for you is appropriate. 2% of the daily room charge will suffice for the room attendant as well as any smaller change when delivering room service or anything else to the room.

Tipping Waiters and Waitresses

Giving HK$ 5 to 10 at inexpensive restaurants and about 15% of the bill at fine restaurants is appreciated. At some restaurants, tips for the waiter are automatically added on to your bill as a service charge.

Tipping Your Tour Guides and Drivers

For a 1 person private tour, we suggest paying HK$100 to 200 a day for a tour guide. For a driver, it would be HK$100 per day for 1 person. Keep in mind that in some companies, the workers are dependent on tips for their income. We ensure our employees are paid a suitable salary.

See more on our guide to Tipping in Chinese mainland, Hong Kong, and Macau .

Let China Highlights Help You Tour Hong Kong

Having a local with you to teach you about local transaction methods and handling cash can be quite valuable. They can also help steer you to optimal shopping experiences that you'll enjoy.

Private Car and Driver - free of hassles, more flexibility

Private car and driver might be the best option if you want to do a lot of touring, business, or sightseeing in Hong Kong. A private driver or aid from an English speaking guide/interpreter is relatively inexpensive compared to Western countries and Japan. But pick a reputable company like China Highlights. You can arrange for our driver and guide to wait for you.

Or let us help you plan a personalized Hong Kong tour . Our tours are developed through years of experience and customer feedback and are reasonably priced. They can be customized to your requirements.

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Hong Kong lifts curbs on property market, to spend more on tourism

Hong Kong's Finance Secretary Paul Chan delivers the annual budget address at the Legislative Council in Hong Kong, Wednesday, Feb. 28, 2024. (AP Photo/Louise Delmotte)

Hong Kong’s Finance Secretary Paul Chan delivers the annual budget address at the Legislative Council in Hong Kong, Wednesday, Feb. 28, 2024. (AP Photo/Louise Delmotte)

FILE - Holding a sign of anti-Article 23 bill, pro-democracy activists shout slogans during a candlelight vigil at a downtown Hong Kong park on Feb. 25, 2003. Hong Kong’s plan to enact a new national security law, on top of a sweeping legislation that was imposed by Beijing and used to crack down on dissent, is deepening concerns over the erosion of freedoms in the former British colony.(AP Photo/Vincent Yu, File)

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HONG KONG (AP) — Hong Kong’s government has lifted curbs on property deals after home prices fell to a seven-year low, adding to the Chinese territory’s woes.

Finance minister Paul Chan announced the move in a speech presenting the territory’s budget, which also raised spending on tourism promotion. He said all curbs, such as extra taxes, imposed earlier to cool the property market would be lifted with immediate effect.

Home prices have fallen for nine consecutive months and share prices have languished as a tightening of freedoms in the former British colony has rattled investors. Meanwhile, Hong Kong’s tourism has not fully rebounded after it reopened to foreign travelers following the COVID-19 pandemic. China’s slowing economy has also impacted Hong Kong’s recovery.

Chan said the limits on property transactions were “no longer necessary amid the current economic and market conditions.”

The government lifted a 15% stamp duty imposed on non-permanent residents who buy property in Hong Kong and a 15% stamp duty charged on purchases of a second property.

Homeowners also no longer must pay a separate duty on sales of homes purchased less than two years before.

FILE- A pedestrian walks through a footbridge is silhouetted as Chinese and Hong Kong flags are strung to mark the 26th anniversary of the city's handover from Britain to China in Hong Kong, on June 27, 2023. Hong Kong’s plan to enact a new national security law, on top of a sweeping legislation that was imposed by Beijing and used to crack down on dissent, is deepening concerns over the erosion of freedoms in the former British colony.(AP Photo/Louise Delmotte, File)

Chan said more measures might be taken to ease property lending.

“We consider that there is now room to make further adjustments to the relevant measures and other supervisory policies pertinent to property lending where appropriate, under the premise of maintaining the stability of the banking system,” Chan said.

Last year, the city reduced by half taxes charged on home purchases by non-permanent resident homebuyers and those buying additional properties.

Shares of property developers in Hong Kong jumped after the scrapping of cooling measures was announced. Henderson Land’s shares rose 4.1%, while New World Development’s soared 5.9%. Sun Hung Kai Properties jumped 4.1%.

As an additional tourist attraction, Chan said the city will revamp its light show on scenic Victoria Harbor and stage monthly pyrotechnic and drone shows over the waterfront.

Another $100 million Hong Kong dollars ($12.8 million) will go to promoting big events in the city, highlighting activities like hiking and cycling and creating a new tourism brand to “soft-sell” Hong Kong, he said.

The city also will collaborate with mainland Chinese cities to boost tourism in the Greater Bay Area surrounding Hong Kong.

Mainland Chinese tourists are the majority of visitors to Hong Kong. Over the Lunar New Year holidays, Hong Kong recorded nearly 1.44 million visitors to the city, nearly 90% of them from the mainland.

Britain handed control of Hong Kong back to Beijing in 1997, with an agreement that the territory would be allowed to keep many of its Western style freedoms, such as a separate legal system and freedom of the press, for a half century. However many of those civil liberties have been curtailed with the enforcement of national security legislation following a wave of mass pro-democracy protests in 2019.

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Hong Kong unveils more support for travel and tourism industry

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More initiatives to support Hong Kong’s travel and tourism industry have been detailed, following the government’s 2023/24 budget announcement last week.

The Travel Agents Incentive Scheme, which is due to expire end of March 2023, will be extended by three months. New schemes for fully guaranteed loans will be offered to eligible passenger transport operators and licensed travel agents, with about HK$2.7 billion (US$344 million) set aside for this purpose. Furthermore, some HK$30 million will be injected into the Information Technology Development Matching Fund Scheme for Travel Agents.

Hong Kong Tourism Board (HKTB) will also get an additional HK$200 million to fund its fight for more international business events and high value‑added visitors, allowing it to consolidate Hong Kong’s position as the premier business events destination in the region.

In response to these measures, Travel Industry Council (TIC) chairman Gianna Hsu told TTG Asia that the industry is disappointed that the proposed Travel Industry Resumption Fund had fallen through.

The fund, first put forward to secretary for culture, sports and tourism Kevin Yeung by Legislative Council member Perry Yiu Pak-leung in a meeting last November, was meant to support the beleaguered travel and tourism industry in relaunching their business.

Yiu recognised that the industry needed to recruit manpower and carry out repair and maintenance for equipment and facilities that have been left idle for a long period of time, putting them under tremendous cash flow pressure as they prepare for tourism recovery.

In a press statement, TIC reiterated the financial and manpower challenges faced by its stakeholders in the present early stage of tourism recovery.

Hsu also told TTG Asia : “We wish for more supportive measures to be deployed in future. Hopefully, the government will keep monitoring our business situation and lend its support in a timely manner.”

The return of arrivals from China, a major source market, is still slow, according to Hsu. While Chinese tour groups are now allowed to travel to Hong Kong, the destination receives no more than 20 tour groups from China daily.

“It is hoped that the numbers will triple in March,” she said.

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Hong Kong's revenue from international tourism 2010-2021

Revenue from international tourism in hong kong from 2010 to 2021 (in billion u.s. dollars).

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October 2022

2010 to 2021

Values have been rounded. The figures used were the ones provided by the country to UNWTO, as this data series is more complete than that provided by the International Monetary Fund (IMF) for the preparation of this Compendium (Source: HKTB Visitors Survey). 2020, 2021: IMF data, not comparable with those of previous years.

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Hong Kong Dec retail sales up 7.8% as tourism recovers

Chinese tourists walk in front of Central financial district, in Hong Kong

  • Dec tourist arrivals jump 24.5 times y/y vs Nov's 29 times y/y
  • Dec jewellery sales up 50.1% y/y vs Nov's 60.8% growth
  • Govt: increasing visitor arrivals, mega event to support retail

Reporting by Donny Kwok; Editing by Savio D'Souza

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Lifestyle Asia Hong Kong

Hong Kong is offering additional travel vouchers to tourists worth HKD 1 million

The Hong Kong government is giving tourists additional “ Hong Kong Goodies ” travel vouchers. Each goodie voucher is worth at least HKD 100 and is available for use at over 3,600 merchants across the city (a slight increase from the previous 3,000 merchants).

The visitor consumption vouchers can be redeemed directly at various attractions, retail, and dining outlets. In addition, visitors can enjoy welcome drinks at selected bars, restaurants, and hotels without minimum spending requirements. Apart from the “ Hello Hong Kong ” global promotional campaign, the government hopes that visitor consumption vouchers will attract more tourists to the city.

Hong Kong Airlines adds new destinations in the second round of free ticket giveaway

Hong Kong travel: Here’s how to get the visitor consumption vouchers

The voucher is available for bona fide visitors staying in Hong Kong for 90 days or less. However, each person can only acquire the offer once. Travellers can visit one of the Hong Kong Tourism Broad Visitor Centres on arrival to collect the voucher in person. Simply bring a copy of valid travel documents to prove your eligibility. The centres are Hong Kong International Airport Visitor Centre, Hong Kong West Kowloon Station Visitor Centre, and Kowloon Redemption Centre.

Alternatively, travellers who purchased Hong Kong travel products through approved online travel portals and travel agents can also redeem a voucher.

Travellers must also register for an account at HKTB’s digital platform using a non-Hong Kong mobile number. Upon successful registration, choose the e-coupon from their desired merchant . The e-coupon will be available for 30 days. Then, present the QR code to the staff at the merchant’s physical store for use.

visitor consumption voucher hong kong

Tourists can pick from a variety of deals

Visitors can pick an offer from the various categories available. For example, they can choose from more than 100 bars, restaurants, and hotels for the welcome drink. In addition, they can also redeem a complimentary selected drink worth over HKD 100. Participating merchants include Argo at Four Seasons, Fumi in Lan Kwai Fong, and Sake Central.

Those who opt for HKD 100 cash voucher can use it at one of the 120 restaurants, shops, or attractions in Hong Kong, including Sportshouse, CPU, Bonjour, Disneyland, Madame Tussauds, and Ocean Park. Further, travellers can also choose to redeem a special gift worth over HKD 100 at an attraction or museum in Hong Kong as unique memorabilia. The memorabilia are available at M+ Museum, Hong Kong Palace Museum, Big Bus Tours, Oriental Pearl Cruise, and Peak Tramways.

With so much up for grabs, it ’ s a wonderful time to visit Hong Kong!

Hong Kong MTR guide for getting around in the city

Hero and featured image credit: Gigi Ling/Unsplash

Hong Kong is offering additional travel vouchers to tourists worth HKD 1 million

Jianne Soriano

An introvert at heart, Jianne has an immense passion for storytelling. This Filipino, Hong Kong-born native is a certified foodie and cinephile. When she’s not writing, you can find her chilling at cafes, watching movies, or travelling solo.

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Hong Kong SAR, China Tourism Revenue

  • Hong Kong SAR (China)'s Tourism Revenue reached 33 USD bn in Dec 2019, compared with 42 USD bn in the previous year
  • Hong Kong SAR (China)'s Tourism Revenue data is updated yearly, available from Dec 1998 to Dec 2019
  • The data reached an all-time high of 46,349 USD mn in Dec 2014 and a record low of 7,336 USD mn in Dec 1998

View Hong Kong SAR, China's Tourism Revenue from 1998 to 2019 in the chart:

Hong Kong SAR, China Tourism Revenue

What was Hong Kong SAR, China's Tourism Revenue in 2019?

Hong Kong SAR (China)'s Tourism Revenue reached 33 USD bn in Dec 2019, compared with 42 USD bn in the previous year See the table below for more data.

Tourism Revenue by Country Comparison

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Hong Kong Tourism Board to give residents HK$100 dining vouchers in bid to boost local spending

Mercedes Hutton

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The Hong Kong Tourism Board (HKTB) will offer residents HK$100 dining vouchers to encourage them to eat out in the evening in a bid to boost local consumption amid a weaker than expected post-pandemic economy. 

Temple Street, in Jordan, Hong Kong, on September 26, 2023. Photo: Kyle Lam/HKFP.

A total of 200,000 vouchers will be given away in two phases, with the first beginning at 10 am next Wednesday and the second on January 10. Vouchers will be disbursed online on a first come, first served basis via the HKTB website . They can be used at over 1,100 participating restaurants and 100 bars, with a minimum spend of HK$100, after 6 pm.

The move is an expansion of the “Hong Kong Night Treats” campaign, which has seen dining vouchers handed out to visitors since November. In a statement on Wednesday, HKTB Executive Director Dane Cheng said that the existing promotion had been well received. 

“Therefore, the HKTB will ride on the Christmas and New Year festivities to extend the campaign to locals to share the joy with the public as a joint gift from the HKTB and the trade and encourage the public to enjoy the holidays with their friends and family in town while supporting local businesses,” Cheng said.   

Covid-19 restaurant eateries

Hong Kong’s economy was dealt a heavy blow by the Covid-19 pandemic – one that spanned almost three years and lasted long after cities internationally had embarked on their fiscal recovery. 

Businesses associated with the night economy – bars, restaurants, karaoke lounges, massage parlours, nightclubs and live music venues – were particularly affected. Some were forced to close completely, while others were allowed to operate according to rigorous regulations and curtailed opening hours. Dinner service at eateries was banned for months on end. Several did not survive .

In an effort to redress weak consumption and reinvigorate the city’s evening economy after Covid-related restrictions kept Hongkongers at home for the better part of three years, the government in September launched its “Night Vibes Hong Kong” campaign . It runs until Lunar New Year in early February, spanning what have historically been the city’s busiest months for consumption and tourism. 

As part of the campaign, the government has worked with vendors to hold night markets and as well as concerts by the Victoria Harbour. Shopping malls have also offered discounts to encourage shoppers to make purchases.

While visitor arrivals have increased since the border fully reopened in February, they remain below pre-pandemic levels. Provisional figures from the HKTB show that Hong Kong logged around 30.07 million arrivals from January to November, 79 per cent of whom hailed from mainland China.

In 2019, when months-long pro-democracy protests and unrest had a negative impact on tourism, more than 52.72 million arrivals were recorded in the same period.

Restaurant receipts also languished below the amount spent on eating out in 2019, with provisional data for the third quarter showing a continued decline. Restauranteurs who spoke to HKFP in September ahead of the Hong Kong Night Vibes launch were pessimistic about the outlook of their industry , saying that increased outbound tourism saw Hongkongers spending overseas rather than at home.

According to a government report on the fiscal situation in the third quarter published on Sunday, “the Hong Kong economy continued to revive… supported by inbound tourism and private consumption.” However, the real gross domestic product (GDP) growth forecast for 2023 was revised down to 3.2 per cent. In August, official predictions of GDP growth were 4 to 5 per cent.

“Looking ahead, inbound tourism and private consumption will continue to underpin economic growth,” economist Adolph Leung wrote in the report.

Leung mentioned the Night Vibes Hong Kong initiative as one that “should provide support” to local spending, but added that “the difficult external environment amid increasing geopolitical tensions and tight financial conditions would continue to weigh on exports of goods and investment and consumption sentiment.”

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Mercedes Hutton

Mercedes Hutton Executive Editor

Mercedes is a British journalist who has been based in Hong Kong since 2012. At Hong Kong Free Press, she has covered a number of local environmental issues, including climate inequality and marine biodiversity, and explored how Hong Kong's arts scene reflects a changing city. She has contributed to the Guardian and BBC Travel, and previously worked at the South China Morning Post, where she wrote a weekly column about the social and environmental impact of tourism in Asia.

Hong Kong lifts curbs on property market, to spend more on tourism

Hong Kong’s government is lifting some curbs on property deals after home prices fell to a seven-year low

HONG KONG -- Hong Kong’s government has lifted curbs on property deals after home prices fell to a seven-year low, adding to the Chinese territory's woes.

Finance minister Paul Chan announced the move in a speech presenting the territory’s budget, which also raised spending on tourism promotion. He said all curbs, such as extra taxes, imposed earlier to cool the property market would be lifted with immediate effect.

Home prices have fallen for nine consecutive months and share prices have languished as a tightening of freedoms in the former British colony has rattled investors. Meanwhile, Hong Kong’s tourism has not fully rebounded after it reopened to foreign travelers following the COVID-19 pandemic. China ’s slowing economy has also impacted Hong Kong’s recovery.

Chan said the limits on property transactions were “no longer necessary amid the current economic and market conditions.”

The government lifted a 15% stamp duty imposed on non-permanent residents who buy property in Hong Kong and a 15% stamp duty charged on purchases of a second property.

Homeowners also no longer must pay a separate duty on sales of homes purchased less than two years before.

Chan said more measures might be taken to ease property lending.

“We consider that there is now room to make further adjustments to the relevant measures and other supervisory policies pertinent to property lending where appropriate, under the premise of maintaining the stability of the banking system,” Chan said.

Last year, the city reduced by half taxes charged on home purchases by non-permanent resident homebuyers and those buying additional properties.

Shares of property developers in Hong Kong jumped after the scrapping of cooling measures was announced. Henderson Land’s shares rose 4.1%, while New World Development’s soared 5.9%. Sun Hung Kai Properties jumped 4.1%.

As an additional tourist attraction, Chan said the city will revamp its light show on scenic Victoria Harbor and stage monthly pyrotechnic and drone shows over the waterfront.

Another $100 million Hong Kong dollars ($12.8 million) will go to promoting big events in the city, highlighting activities like hiking and cycling and creating a new tourism brand to “soft-sell” Hong Kong, he said.

The city also will collaborate with mainland Chinese cities to boost tourism in the Greater Bay Area surrounding Hong Kong.

Mainland Chinese tourists are the majority of visitors to Hong Kong. Over the Lunar New Year holidays, Hong Kong recorded nearly 1.44 million visitors to the city, nearly 90% of them from the mainland.

Britain handed control of Hong Kong back to Beijing in 1997, with an agreement that the territory would be allowed to keep many of its Western style freedoms, such as a separate legal system and freedom of the press, for a half century. However many of those civil liberties have been curtailed with the enforcement of national security legislation following a wave of mass pro-democracy protests in 2019.

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COMMENTS

  1. Hong Kong Currency: a Travelers' Guide to Money in HK

    Hong Kong dollar notes in everyday circulation are $10, $20, $50, $100, $500 and $1,000. However, there are no $5 HKD and $1 HKD notes. There are coins for these amounts as well as a handy $10 HKD coin. However, the cash is colorful unlike the American cash. Banknote colors: $10 bills are green or purple, $20 bills are dark blue or light blue ...

  2. Hong Kong sets aside HK$1.09 billion in drive for more tourism events

    Hong Kong authorities have set aside HK$1.09 billion (US$139 million) to boost the local tourism trade as the government presses ahead with plans to offer more cultural experiences and mega events ...

  3. Hong Kong lifts curbs on property market, to spend more on tourism

    Updated 11:29 PM PST, February 27, 2024. HONG KONG (AP) — Hong Kong's government has lifted curbs on property deals after home prices fell to a seven-year low, adding to the Chinese territory's woes. Finance minister Paul Chan announced the move in a speech presenting the territory's budget, which also raised spending on tourism promotion.

  4. Overnight visitor spending fell 37% during 2023: Hong Kong Tourism Board

    Spending by overnight visitors to Hong Kong plunged by nearly 40 per cent during 2023 and was expected to fall further this year to 2019 levels, according to the Tourism Board. The board said on ...

  5. Good to know

    CHANGING MONEY. You can exchange your currency for Hong Kong dollars at any authorised money exchanger. For extra peace of mind, look for a money exchanger that is accredited by the Quality Tourism Services (QTS) Scheme.At Hong Kong International Airport, currency exchange counters are open from early morning until late at night and many located within the city stay open into the evening.

  6. Home

    Hello Hong Kong! Discover the best experiences, events, shopping, dining, vacation packages, maps, guided tours, and travel planning itineraries with Hong Kong's official tourism guide. Visit Hong Kong to explore the unique living culture and experience Asia's top travel destination.

  7. Hong Kong unveils more support for travel and tourism industry

    The government's 2023/24 budget has allocated funds to help with the recovery of the travel and tourism industry. Hong Kong Tourism Board (HKTB) will also get an additional HK$200 million to fund its fight for more international business events and high value‑added visitors, allowing it to consolidate Hong Kong's position as the premier ...

  8. Hong Kong: international tourism revenue 2021

    Hong Kong's revenue from international tourism 2010-2021. In 2021, the second year of COVID-19 pandemic, about 1.8 billion U.S. dollars were generated from international tourism in Hong Kong ...

  9. Hong Kong Dec retail sales up 7.8% as tourism recovers

    HONG KONG, Feb 1 (Reuters) - Hong Kong's retail sales rose for the 13th consecutive month in December as tourism continued to improve, official data showed on Thursday. Sales increased 7.8% year ...

  10. Tourism in Hong Kong

    Background. The total tourism expenditure associated with inbound tourism reached HK$7,333 per capita in 2011. According to the Hong Kong Tourism Board (HKTB) Overall visitor arrivals to Hong Kong in 2010 totalled just over 36 million, a 21.8% increase over the previous year. The numbers included approximately 22.5 million mainland Chinese arrivals, 8.2 million short-haul (excluding Mainland ...

  11. Hong Kong to give away half a million air tickets to boost tourism

    Hong Kong plans to give away half a million air tickets to boost tourism. The free tickets are part of the HK$2 billion ($255 milion) relief package that the government offered to airlines in 2020 ...

  12. How tourism has changed in Hong Kong

    "Hong Kong tourism from Europe has become much less," says Chen. As recently as the 1990s, he used to average three trips a year to Hong Kong as a tour guide.

  13. Hong Kong is opening up to tourism

    The city is also planning to give away 500,000 million airline tickets, worth around $254.8 million, to global visitors, along with residents, as part of a "market recovery campaign ...

  14. Hong Kong travel: MTR offers new travel vouchers to visitors

    The Hong Kong government is giving tourists additional "Hong Kong Goodies" travel vouchers. Each goodie voucher is worth at least HKD 100 and is available for use at over 3,600 merchants across the city (a slight increase from the previous 3,000 merchants). The visitor consumption vouchers can be redeemed directly at various attractions ...

  15. Hong Kong SAR, China Tourism Revenue

    Hong Kong SAR (China)'s Tourism Revenue reached 33 USD bn in Dec 2019, compared with 42 USD bn in the previous year. Hong Kong SAR (China)'s Tourism Revenue data is updated yearly, available from Dec 1998 to Dec 2019. The data reached an all-time high of 46,349 USD mn in Dec 2014 and a record low of 7,336 USD mn in Dec 1998. CEIC converts annual Tourism Revenue into USD.

  16. Opinion

    The industry needs reforms and a radical overhaul but, for now, vouchers to reward tourists for spending locally - say, HK$100 for every HK$1,000 spent - would be a quick boost. Beyond that ...

  17. Hong Kong is Giving Away HKD100 Dining Vouchers for Your Next Hong Kong

    For those flying to Hong Kong soon, get ready for some treats the Hong Kong Tourism Board has prepared for you — Hong Kong Night Treats in the form of cash vouchers worth HKD100 that you can exchange at over 100 restaurants and bars after 6:00 pm daily.Note that these lists are subject to change.

  18. Hong Kong Budget Expected to Ease Property Curbs, Boost Tourism

    Hong Kong Hikes Tax Rate for High Earners to 16% to Pare Deficit. ... Sign up: The Hong Kong Edition newsletter is an insider's guide to the money and people shaking up the Asian finance hub. Reviving tourism remains a priority for the Hong Kong government, as mainland visitors over the Lunar New Year holiday were still below the 2019 level. ...

  19. Hong Kong Tourism Board to give residents HK$100 dining vouchers in bid

    The Hong Kong Tourism Board (HKTB) will offer residents HK$100 dining vouchers to encourage them to eat out in the evening in a bid to boost local consumption amid a weaker than expected post ...

  20. Hong Kong tourism

    Mainland customers spent US$7.6 billion on Hong Kong insurance policies in 2023. Policy sales have been boosted by the reopening of the mainland border, a weakening yuan and the interest rate gap ...

  21. Hong Kong lifts curbs on property market, to spend more on tourism

    Another $100 million Hong Kong dollars ($12.8 million) will go to promoting big events in the city, highlighting activities like hiking and cycling and creating a new tourism brand to "soft-sell ...

  22. How to Get Hong Kong Tourist Travel Vouchers for Free

    (SPOT.ph) Following Hong Kong's giveaway of over 20,000 free tickets via Cathay Pacific, travelers can look forward to another special treat when they visit the country. Leveling up their Hello Hong Kong campaign, the Hong Kong Tourism Board is now giving away travel vouchers worth HKD 100—or about P800—to all tourists arriving there until December 31.

  23. How Hong Kong's Richest Billionaires Made Their Money

    Buoyed by an uptick in tourism and consumption, Hong Kong's economy grew an estimated 3.2% in 2023. Even so the post-pandemic recovery has been slower than expected amid a stagnant property ...