CK Hutchison vows full cooperation in ports business review
Chairman Victor Li highlighted the need to maintain a 'war chest' to cope with unforeseen challenges. Photo by REUTERS
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South China Morning Post
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Hong Kong's restaurant industry is bracing for the wave of business closures to continue into the second half of the year with little hope for a quick turnaround, following a string of shutdowns of well-established chains in the city. 'We are worried about the overall situation in the second half of the year,' Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, told a radio show on Saturday. Wong cited rent as a 'rather big problem', with industry observers saying that prices remained elevated. However, some landlords had recently reduced rents, and in certain areas, prices dropped by up to 15 per cent over the past six months, he added. 'However, when calculated by cost compared with the Greater Bay Area, especially Shenzhen, our costs are still higher,' he said. 'So, in terms of labour, rent, ingredients, other administrative expenses and promotion, it is precisely the cost-effectiveness that puts immense pressure on operating a restaurant in Hong Kong.' Bakery chain Taipan Bread & Cakes, the inventor of 'snow skin' mooncakes, closed down all of its branches earlier this week after more than four decades in the business, becoming the latest in the list of major chains that have shut down in recent years.
South China Morning Post
an hour ago
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Hong Kong primary school offering international programme announces sudden closure
A private primary school that offers an international curriculum in Hong Kong has abruptly announced its closure at the end of July, leaving some parents anxious about whether they can get back their debenture worth around HK$200,000 (US$25,500) as promised. A check by the Post on Saturday found that the website of Think International School, founded in 2003, was no longer online. In an email to parents earlier this week seen by the Post, the private school on Boundary Street in Kowloon Tong said it would close down on July 31. It also conceded that it would not be able to pay back parents who were holding debentures in the near future. 'Since closing a school will involve a lot of unexpected expenses, we are not sure about the financial commitments involved in the coming months,' the email said. A parent who paid a HK$200,000 debenture, due to mature next Monday, was offered a cheque for HK$204,000 that would be available for collection on the day but could only be cashed on January 8 next year.
The Standard
2 hours ago
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Canada orders China's Hikvision to close Canadian operations
Surveillance cameras are seen near the headquarters of Chinese video surveillance firm Hikvision in Hangzhou, Zhejiang province, China May 22, 2019. (Reuters/File)
