The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

A new world order of elderly Ferraris and generic vodka

Lang Kwai Fong - the area in Hong Kong where you go to drink before you hit the really seedy bars - used to be a good gauge of how happy and confident expatriates were. According to an Australian banker, in the 1990s it was busy during the good times and quiet during the bad. These days, though, expats have changed their drinking habits.

"In 1998 during the financial crisis you could fire a gun down the street and not hit anybody, it was so quiet," says the banker. "But it's different now. Even though times are really tough, the place is packed on Fridays. Everyone is drinking to forget how bad it is."

That means, of course, that it's not bad for everyone. Patricio de la Fuenta Saez, a director of Links Concept Company, an importer of wines, spirits and Red Bull, says that business is good. Links' sales actually rose 65% last year. And he claims some of his most successful months were when the Hang Seng really tanked.

Tastes, like the stock market, have dropped a notch or two. "Before 1998 cognac was the most popular spirit in Hong Kong. Now it's vodka," says Fuenta Saez.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree