Hong Kong March Bankruptcies double, hit 6-Year High

"Hong Kong March Bankruptcies double, hit 6-Year High | AboutHK.Com - more information about HK"

Bankruptcy petitions in Hong Kong in March more than doubled over the previous year's value of 1872 - its highest level since July 2003 as the area continues to struggle with economic recession, government data showed on Friday. The monthly total rose from 1500 in February and 884 in March last year. Bankruptcy petitions, which is an indicator of future bankruptcies, have been rising since August, except for a dip in January due to the Lunar New Year Holiday. Hong Kong economy tipped into recession in the third quarter of 2008. A Reuters poll forecast would contract 3 percent this year. Comments Please login to post comments or replies.