Hong Kong/Macau Monthly: May

Research evidence excerpt

Hong Kong/Macau Monthly: May

Macquarie Equity Research Hong Kong/Macau Monthly: May

Figure 4 - Mainland tourist arrivals to Macau and related policies

2020-11,Central

government resumes

3,500,000.00 2003-11,Macau started the tourists visa to Macau

Individual Visitor Scheme 2005-06,Tianjin, 2007-04, 5 cities added to 2015-07, China

(IVS) for 4 cities in Chongqing IVS (last batch before policy stimulus

GuangDong included in IVS COVID) 2024-06,Qingdao,

3,000,000.00 Xian included in

IVS

2003-12,Beijing 2009-02, China Rmb

2,500,000.00 and Shanghai 4tn stimulus program

added to IVS

arrival

tourists 2,000,000.00

Mainland 1,500,000.00

2024-09,8 more cities included in the IVS

1,000,000.00 2020-05,Central Government suspended the scheme, all provincial capitals are now

tourists visa to Macau due to Covid included

500,000.00

2004-08, All cities in Guangdong

included into IVS

0.00

2002-04 2002-09 2003-02 2003-07 2003-12 2004-05 2004-10 2005-03 2005-08 2006-01 2006-06 2006-11 2007-04 2007-09 2008-02 2008-07 2008-12 2009-05 2009-10 2010-03 2010-08 2011-01 2011-06 2011-11 2012-04 2012-09 2013-02 2013-07 2013-12 2014-05 2014-10 2015-03 2015-08 2016-01 2016-06 2016-11 2017-04 2017-09 2018-02 2018-07 2018-12 2019-05 2019-10 2020-03 2020-08 2021-01 2021-06 2021-11 2022-04 2022-09 2023-02 2023-07 2023-12 2024-05 2024-10 2025-03 2025-08 2026-01

Source: DSEC, Macquarie Research, July 2026

Figure 5 - Mainland tourist arrivals to Hong Kong and related policies

2015-07, Change

Shenzhen residents' 2023-04, Central

2003-11, HK started the government resumes visa policy to a 2007-04, 5 6,000,000.00 Individual Visitor Scheme tourists visa to HK of one trip cities added to maximum 2024-09, 8 more

(IVS) for 4 cities in IVS (last batch cities included in

GuangDong before COVID) the IVS scheme, all