U.S. Bay Area Companies Worried Over Impact of Hong Kong Protests on Business
Rhona Arcaya | | Oct 04, 2014 03:09 PM EDT |
(Photo : REUTERS/Bobby Yip) Pro-democracy protesters block a main junction at Hong Kong's shopping Mongkok district October 4, 2014.
Hong Kong's pro-democracy protests have sent ripples across the business community in the San Francisco Bay Area.
Companies that have trade and investment links with Hong Kong said they were monitoring the situation in the Chinese city, where pro-democracy supporters have been rallying to pressure Beijing to give them more freedom to choose their leader.
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Clothing brand Gap said the company, which has branches in Hong Kong, would continue to evaluate the developments and determine "what is best for our employees and for our customers."
Jeans maker Levi-Strauss and financial services firm Wells Fargo made similar comments, apparently echoing the concerns of other firms in the Bay Area business community that have investment ties with Hong Kong, according to an SFGate report.
The protests, which have been going on for more than a week, have disrupted mass transportation, affecting businesses in the area occupied by the demonstrators.
Wells Fargo said mass transit has been a problem, "but it's business as usual" for the company, which has more than 800 people in Hong Kong.
A Levi-Strauss representative told journalists the company "sincerely hopes that the issue will be resolved peacefully as soon as possible."
However, an end to the rallies appeared to be far from sight after the demonstrators canceled talks with the government and clashed with pro-China supporters on Friday.
Trade and investment links between Hong Kong and the Bay Area have grown over recent years, providing a boost to the import-export, real estate, technology and financial services industries.
Hong Kong imports from the Port of Oakland totaled more than $700 million in merchandise, including food for the city's 7 million population, last year, according to port officials.
Hong Kong billionaires buoyed by improving U.S. economy are returning to San Francisco to invest in real estate, while Hong Kong startups are attracting attention from Silicon Valley, led by venture capital firm Sequoia Capital.
As a key financial center in Asia, Hong Kong helps mainland companies go public, among them Dalian Wanda, owner of the American cinema chain AMC, which last week filed for an IPO on the Hong Kong stock exchange.
Tagshong kong protests, pro-democracy protests, Wells Fargo, Levi-Strauss
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