The recent protests in Hong Kong Special Administrative Region (SAR) have taken a substantial toll on the city's tourism and economy, Hong Kong media sources have said.

The number of tourists coming to Hong Kong has dropped substantially since the protests broke out. In the first five days of August, the figure declined by 31 percent year-on-year, followed by a 33.4-percent decrease over the next five days.

Paul Chan Mo-po, financial secretary of Hong Kong SAR, said on Aug. 21 that it had fallen to 40 percent between August 11 and 15.

Many hotels in Hong Kong lowered their prices to entice tourists. For example, it costs between 200 to 500 Hong Kong dollars to book a double room in the downtown area this coming Saturday, about half of the regular price.

The Hong Kong Federation of Trade Unions is concerned about the possible job cuts in the tourist industry if the riots continue.

Considering the plummeting occupancy rate and food-service income, the InterContinental Hotel on the Tsim Sha Tsui waterfront sent an email to all employees asking them to take their annual or unpaid leave in August and September.

The InterContinental Hotel is just one of the hotels to be affected by recent violence in the city. No matter whether we're talking about five-star hotels or cheaper hotels, the situation may continue to worsen, said an insider.

On top of the blow to the tourism sector, Hong Kong's second-hand house market has also been hit hard. A 35-square-meter house in Fanling Town Center, one of the largest shopping arcades in Fanling, was recently sold for 4.8 million Hong Kong dollars, down 9 percent compared with the seller's asking price.