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— This is the script of CNBC's news report for China's CCTV on August 24, Thursday.
At present, it is estimated that Typhoon Hato would cost Hong Kong as much as HK $8 billion in economic losses. Mentioned previously, Typhoon Hato was given the highest rating in Hong Kong's typhoon warning system. This is the 15th No.10 signal since 1946 and the first since 2012.
Using data from Swiss Re Institute, South China Morning Post reported that historically speaking, every time a No.8 typhoon or above hits Hong Kong, it could cost about an average of HKD4.29 billion in economic loss, in terms of the total loss in transportation, tourism, marine, financial services, agriculture and entertainment industries. As Typhoon Hato is far more serious, it is expected to incur an economic loss of HKD 8billion.
At the same time, the Hong Kong Stock Exchange was forced to remain close. Also, Hato forced Hong Kong to cancel trade on its stock and futures' market on Wednesday. In addition to losses from retail stores and restaurants, the tourism industries was also affected during this period of time due to passengers cancelling and delaying their trips to Hong Kong, alongside also the cancellation of outward bound travel by Hong Kong tourists. We will continue to keep watch.
CNBC's Qian Chen reporting from Singapore.