Crazy Rents Threaten 20 Eateries in Hong Kong!
Even though Hong Kong is doing pretty well financially this year thanks to many factors – the SARS Effect is still taking its toll on Hong Kong restaurants. There are about 20 restaurants that are being “watched” in fear of them shutting down and the employees out of work. No idea which 20, but since this story is being covered in the Chinese and English press it must sit in the middle between Chinese and Western restaurants.
About 20 restaurants across the territory with a “high risk” of closing down amid soaring rents are being closely watched by the Labour Department.
Fears of them shutting down have grown after the catering industry warned steep rent increases after the Lunar New Year next month could force many restaurants out of business when their leases expire.
“At the moment, we estimate there are about 20 restaurants in the `high risk’ category, and we’re closely monitoring their operations,” Permanent Secretary for Economic Development and Labour Matthew Cheung Kin- chung said Sunday.”