Jeweller Chow Tai Fook is optimistic it can rebound after first quarter same store sales in Hong Kong and Macau declined nine per cent.

Despite the early slump, chairman Henry Cheng expects the company’s sales this year to grow more than 20 per cent.

“Without the high base effect that dragged down sales in the latest quarter, we are confident same store sales growth for this year will be positive as mainland tourists continue to flock to Hong Kong,” said Cheng.

The company has kick-started the construction of Chow Tai Fook Jewellery Park in Wuhan, China, which it sees as a mega project of utmost importance to the group’s long term development blueprint in the coming decades.

Chow Tai Fook plans to open 2000 new stores over the next 10 years, 60 per cent of which are planned for mainland’s lower tier cities.

On top of that, the 85-year old Chow Tai Fook also plans to launch online.