Visitor arrivals in Hong Kong have plunged 99 per cent, according to official year-on-year figures, since the second quarter of 2020, as the city closed its borders to fight the spread of Covid-19. By July, the hotel occupancy rate in the city had sunk to 49 per cent, from 86 per cent in the same month the previous year. To survive the pandemic, operations from budget guest houses to luxury hotels started switching their focus to the local market. Rooms have been converted into long-term leases…