Luxury sales in Hong Kong fell as Chinese shoppers curb spending

Retails sales in Hong Kong grew more slowly than expected in August as Chinese visitors cut spending on luxury goods. Sales rose 4.5 percent to HK$35.8 billion ($4.6 billion), after a 3.9 percent gain in July, the government said. Hong Kong, with its lower taxes than on the mainland, attracts Chinese tourists. This year retail sales grew at their slowest rate since the start of the global financial crisis.