HONG KONG: Hong Kong has slipped one place to become the fourth most expensive city on the planet for luxury goods and services, according to a report released by Swiss private bank Julius Baer on Wednesday.
A sharp drop in hotel room prices as the pandemic barred the way for big-spending foreign tourists dragged the city down below Shanghai, London and Taipei.
Hong Kong’s hospitality industry suffered a 39% fall in average hospitality prices as the ferocious fifth wave of Covid-19 kept visitors at bay this year.
Shanghai, meanwhile, cemented its place at the top…
