The total profit recorded in the restaurant's sector in Hong Kong
increased in 2016 by 2.9 percent. The largest increase was recorded during the fourth quarter of last year, with a value of approximately 27.8 billion HK $. Hong Kong is not only an important business center in the Asia Pacific region but also a tourist destination, receiving a large number of tourists every year, especially from Mainland China. Investors who open a Hong Kong company
can enter the food and service industry.
Food industry receipt increase in 2016 in Hong Kong
The Hong Kong Census and Statistics Department released a report for the year 2016 concerning the performance of the restaurant's sector. As highlighted by the data, this business sector performed well, having recorded an increase by 4.1% in the fourth quarter of the year, compared to the same time in 2015. The total value of the receipts in the restaurant sector in Hong Kong for the year 2016 increased by 2.9 percent, to 107.4 billion HK $.
On a monthly basis, the best increase took place in December, at 4.6 percent while the previous months recorded slightly lower values of 4.0% in November and 3.8% in October. The analysis included more than one type of restaurant.
Foreign investors in Hong Kong
are allowed full foreign ownership if they choose to open a food business in the city. Following the company registration in Hong Kong
, restaurants are subject to further licensing.
Revenue growth based on the type of restaurant in Hong Kong
Based on the type of restaurant, the total receipts for 2016 were more significant for Chinese restaurants: in the fourth quarter of 2016, these types of establishments recorded a growth of 2.6 percent in value. Overall, in 2016, these types of businesses in Hong Kong
recorded an increase by 4.5 percent in value. Fast food establishments had a 7.4 value increase and a 3.7 volume increase in 2016. Bars in Hong Kong had an increase of 4.8 percent in value and 4.9 percent in volume.
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