|HSBC updates report on HK outlook
Banking giant HSBC on Monday cut its investment outlook for Hong Kong, saying the planned Occupy Central civil disobedience campaign in the territory could sour relations with the mainland and hurt the city's economy.
In an updated version of the report published today, the lender said
residential market was instead the major concern.
HSBC was criticized by the online community.
In the original report, HSBC said: "We reduce Hong Kong to 'underweight' on concerns about negative news flow.'' The lender added that Occupy Central "could sour relations with China and may hurt the economy.''
The Occupy Central civil disobedience movement has said it will use peaceful protests to shut down the business district in Central if the government's plans for political reform do not meet international democratic standards.
Hong Kong police arrested over 500 democracy activists who took part in an overnight sit-in on Chater Road in Central following the annual pro-democracy march on July 1. The organizers had said it was a test for the real Occupy Central campaign. --RTHK/The Standard