Hong Kong retailers report they were swampedover the three-day May Day holiday by tens ofthousands of mainlanders in search of one thing:cheap gold.
After the recent slump in gold prices, HongKong's already healthy community of gold shops,mainly in its traditional tourist areas, hasincreased, with a flurry of new openings. Buttraders report they have been overwhelmed bythe mainland shoppers.
Gold prices in Hong Kong are lower than in themainland.
On Wednesday in Causeway Bay there were longqueues outside shops, which blocked the popularshopping area's narrow streets and sidewalks.
"It's cheap, so what else do you need to know?"said Wang Zhongxin, a shopper from Shanghaias he left one Chow Tai Fook outlet.
He had spent around 30,000 yuan ($4,760), ortwice the monthly average wage in Hong Kong, onthree gold necklaces and a couple of rings. Hesaid he wanted to buy bullion, but they hadalready sold out. ...