Hong Kong March Bankruptcy Petitions Highest Since July 2003

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Bankruptcy petitions in Hong Kong rose to a more than five-year high in March as the recession in the city deepened, government data showed Friday. The government said individuals and non-limited companies filed 1,872 bankruptcy petitions during the month, up from 1,500 in February, Dow Jones Newswires reported. March's figure was the highest since July 2003, when 1,899 bankruptcy petitions were filed as Hong Kong was recovering from the Severe Acute Respiratory Syndrome crisis. The data come amid signs of a further deterioration in local economic conditions. Hong Kong fell into recession in the third quarter of 2008 and in the fourth quarter, the city's gross domestic product shrank 2.0% from the previous quarter. Read more. (Subscription required.)