Some business leaders not too long ago referred to as on the federal government to purchase again the licences for HK$5 million (US$637,100) every. They argued that the paperwork had constantly depreciated in worth with the rise of on-line ride-hailing platforms resembling Uber.
The worth of a licence and a taxi has gone from a historic excessive of HK$7.66 million in 2009 to beneath HK$3 million in current months, leading to important potential monetary losses for homeowners.
Requested whether or not he would take into account the suggestion, Lee mentioned: “We have to be very cautious relating to utilizing public funds.”
He argued that the licences had given the sector an “unique privilege” to function the autos, resembling utilizing the taxi ranks, selecting up passengers in designated restricted areas and getting prospects from the road.
“These usages of the taxis, that are granted for a very long time underneath the unique privileges of the licence, have led to a direct revenue on these licences. It has additionally allowed taxis to achieve income underneath this type of operation for a very long time,” he mentioned.
