Golden Week Holiday 'Invasion' Brings Bonanza

The mainland's Golden Week holiday has proved a goldmine for Hong Kong and Macau traders, with most shops enjoying double-digit percentage rises in business over the corresponding period last year.

Jewelry companies in particular have enjoyed a gem of a week, with Luk Fook Holdings reporting a 50% rise in business at its Macau stores and a 30% hike in takings at its Hong Kong branches, according to executive director Paul Law. Another chain store, Tse Sui Luen, saw double-digit percentage increases at all its main stores but did not give details. Over the first seven days of this month, 440,126 mainlanders crossed the border. Add the final weekend of last month and the arrivals total a record 570,228 - a 37.6% increase over the same period last year.

Travel Industry Council executive director Joseph Yung admitted the "invasion" caught him by surprise."We had predicted a conservative 10% increase in visitors so the actual figure was a happy surprise," he said. "We thought Macau would provide some keen competition but obviously Hong Kong still has a lot of appeal for mainlanders."