Hong Kong Retail:Visitation data faring better,but why is HK retail still challenged?

Improved March HK visitation data seemingly a glimpse of hope.

    After dropping at a rate of 15% or more yoy since Nov 2015, March PRCvisitations only fell 7% yoy. Overnight visitations recovered to flattish levels(-1%) from -16% lows in Jan-Feb. Labor Day (Apr 30 - May 2) PRC arrivalswere also up 7% yoy. Why? This is because two cyclical headwinds haverecently faded, in our view. 1) Visas