Hong Kong Sept bankruptcies up 31 pct

"Hong Kong Sept bankruptcies up 31 pct | AboutHK.Com - More Information About HK"

Reuters Bankruptcy petitions in Hong Kong continued to surge in September, rising 31 percent from a year earlier, despite an improving economic environment, government data showed on Friday. Bankruptcy petitions totalled 1,142 in September, up from 873 a year earlier, and increased from August, when 1,099 petitions were filed, although monthly figures are not seasonally adjusted. The annual pace of increase was close to a 33 percent rise in August, indicating the economic situation remained challenging despite recent data showing exports were shrinking at a slower pace and the unemployment rate appeared to be stabilising. Still, monthly bankruptcies are off a peak of 1,872 reached in March. Hong Kong in the second quarter pulled out of its worst recession since the Asian financial crisis a decade ago but recovery is likely to be slow as global demand remains weak, analysts said. (Reporting by Susan Fenton and Christina Lo, Editing by Jacqueline Wong)