Hong Kong Oct bankruptcies stabilise

Published: 22 Nov 2009 18:56:57 PST

HONG KONG, Nov 23 - Bankruptcy petitions in Hong Kong showed signs of stabilising in October, indicating business conditions are finally benefiting from an improving economic environment, government data showed. Bankruptcy petitions totaled 992 in October, an only 1 percent rise from a year earlier and falling from 1,142 in September, although the monthly change was not seasonally adjusted.

Bankruptcies reached a six-year high of 1,872 in March, as the territory grappled with recession. It pulled out of recession in the second quarter but bankruptcies still surged 89 percent in June from a year earlier and in the following months were up more than 30 percent year-on-year. (Reporting by Susan Fenton, Editing by Jonathan Hopfner) ((susan.fenton.reuters.com@reuters.net; +852 2843 6960; Reuters Messaging:susan.fenton.reuters.com@reuters.net)) (