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The gradual removal of HK food culture & small business.

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  1. #1

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    The gradual removal of HK food culture & small business.

    It's a shame that Hong Kong has now hit that capitalist side of the bell curve that no longer allows small business to either be profitable or allow enough work life balance to be productive.

    I wont say this is a uniquely HK thing, as it is happening here and in various parts of the western world where property investors are killing these sorts of businesses that just cannot turnover enough, to meet the rent demand ie Israel, London, New York, Sydney & Hong Kong etc etc

    https://www.timeout.com/hong-kong/ne...box=1662000013


  2. #2

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    Quote Originally Posted by Skyhook:
    It's a shame that Hong Kong has now hit that capitalist side of the bell curve that no longer allows small business to either be profitable or allow enough work life balance to be productive.

    I wont say this is a uniquely HK thing, as it is happening here and in various parts of the western world where property investors are killing these sorts of businesses that just cannot turnover enough, to meet the rent demand ie Israel, London, New York, Sydney & Hong Kong etc etc

    https://www.timeout.com/hong-kong/ne...box=1662000013
    Bring back the guillotine. There are many heads to chop, it's been too long.

  3. #3

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    This looks like a single business above a wet market has been affected, it's not a capitalist pig landlord issue, it's something else.

    traineeinvestor likes this.

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    Quote Originally Posted by jgl:
    This looks like a single business above a wet market has been affected, it's not a capitalist pig landlord issue, it's something else.
    Landlords keep rising prices instead of lowering them, considering the lack of business. Places that were doing well closed down, the rest is mostly run by money laundering so they don't care. The rest is just run by big conglomerates who own real estate so they keep on milking the cows.

    This in economy does not make any sense. The landlords should understand that cost of living is rising and salaries are not. How much can you squeeze a lemon? If HK does not change its border policy it will be fucked, and for a long time. When you see historical places closing down you can see there is a problem. The quality of food has gone down so much in restaurants because of it that I don't even bother to eat out anymore.

  5. #5

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    Quote Originally Posted by Plutark:
    Landlords keep rising prices instead of lowering them, considering the lack of business. Places that were doing well closed down, the rest is mostly run by money laundering so they don't care. The rest is just run by big conglomerates who own real estate so they keep on milking the cows.

    This in economy does not make any sense. The landlords should understand that cost of living is rising and salaries are not. How much can you squeeze a lemon? If HK does not change its border policy it will be fucked, and for a long time. When you see historical places closing down you can see there is a problem. The quality of food has gone down so much in restaurants because of it that I don't even bother to eat out anymore.
    That's all very big picture and socially aware and all, but... did you read the article? You know, the one in the first post, that talks about this one specific restaurant (of about five) within a cooked food market? The article that talks about run-ins with the food and hygiene department?

    I'd be surprised to find out that in this kind of situation, that there would be a private landlord at all. I thought these spaces were owned and operated directly by the government.

    It is a real pity they're being closed down- eating there is certainly a memorable experience. And the food is far better than the other place on Wellington Street that made the news recently.
    traineeinvestor likes this.

  6. #6

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    There is a very macro / societal issue with landlords / rents etc - and to be fair, anyone who goes into the F&B business should be very very very very very very well aware of the costs of doing business and the costs of being good at doing business.

    It is also unfortunate because starting a food business / food stall at the lower end where its a owner driven cash business is a proven way to get just a little bit ahead of the curve. But this is another topic ..

    This specific case is a bit of a shit show

    - Sole proprietors who are supposed to be the tenants of record and running the business are not really running the show.. (overseas etc) - suspected subletting ...
    - Targeted because apparently this place is popular with popular people during unpopular / restricted times ...

    Snippets ..

    Zhang Xingchao, the restaurant manager known as "Ruby", one of the leaders of Dongbao, said in an interview today (1st) that he would not appeal against the FEHD's termination of the lease. ) before removing the stall tools and returning the stall to the department. He also said that he was targeted because the former director of the Home Affairs Bureau, Ho Chi-ping, violated the "gathering restriction order" at the store.
    According to the investigation, the relevant business registration information at the time of the incident clearly showed that the four tenants of the stalls were not the relevant business operators; in fact, the four tenants did not operate the stalls for a long time, and even stayed overseas for a long time. Therefore, they have breached the terms of the tenancy agreement that "the stall must be operated as a sole proprietor".
    https://std.stheadline.com/realtime/article/1869367/

  7. #7

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    To add to this .. hopefully the leases are distributed fairly by the FEHD (who are not the most shining example of fairness in this city) to owner operated outlets.


  8. #8

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    Quote Originally Posted by Plutark:
    Landlords keep rising prices instead of lowering them, considering the lack of business. Places that were doing well closed down, the rest is mostly run by money laundering so they don't care. The rest is just run by big conglomerates who own real estate so they keep on milking the cows.

    This in economy does not make any sense. The landlords should understand that cost of living is rising and salaries are not. How much can you squeeze a lemon? If HK does not change its border policy it will be fucked, and for a long time. When you see historical places closing down you can see there is a problem. The quality of food has gone down so much in restaurants because of it that I don't even bother to eat out anymore.
    big landlords don’t actually care. As long as they have sufficient cash flow to meet obligations with surplus reinvested in more property this cycle will continue.

    Whether business or private the simple answer is to limit the 2 year rent increase to a percentage linked to inflation. E.g inflation x 2 x 2. The amount of businesses opening in good faith and getting shafted two years later is a disgrace but no one that is empowered remotely gives a fuck.

    I, for one, will miss this place.

  9. #9

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    Whether business or private the simple answer is to limit the 2 year rent increase to a percentage linked to inflation. E.g inflation x 2 x 2. The amount of businesses opening in good faith and getting shafted two years later is a disgrace but no one that is empowered remotely gives a fuck.
    But isnt "not giving a fuck" how we win awards from conservative think tanks for being a free economy or something like that?
    ByeByeEngland likes this.

  10. #10

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    Around TST there appears to be more small cafés and restaurants opening up. These seem to be owner run (rather than chains). There are still quite a few vacant shops, or other premises are being used for short term shops, so perhaps some landlords are reducing rents.

    East_coast likes this.

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