It is painfully visible how much severe acute respiratory syndrome has paralyzed Asia's most Westernized city. Retail sales are down 80% to 90% in Hong Kong, restaurants and their suppliers are going bust, hotels have occupancy rates in single digits and Cathay Pacific Airways is flying 7,000 passengers a day, down 87% from a year ago. What is less visible is the trouble running beneath the surface: Hong Kong has ever less reason for being.
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