In a further sign of the continued recovery of the economy, late payments and defaults by Hong Kong businesses have dropped to the lowest levels since 2003 in the latest survey by Coface.
The third-quarter survey by the credit management group found that 27.9 per cent of sampled firms reported late payments in the last six months, compared with 31.6 per cent recorded in the previous quarter.
Coface also found only 5 per cent of respondents reported defaulting on payments, down from the previous quarter's 7.1 per cent.
“Continuous export growth, greater consumer confidence and the recovery of the property market in Hong Kong have contributed to the stronger local business climate,'' Coface general manager Grace Wong said. By comparison, in the first quarter of 2003, some 47.6 per cent of firms said they were experiencing payment delays.
