“That’s why everything is expensive in HK!”
Responses to last week’s cover story, which only grazed the surface of Hong Kong’s monopolies (“Monopoly City,” June 17, issue 1150).
The world’s most competitive economy unfortunately does not believe in domestic competition.
Actually, think you missed the most important point. Almost all of these oligopolic conglomerates that you mention are also incidentally all property developers.
And that’s why everything is expensive in HK!
How could you forget the private company named Octopus. There is no competitor. Also, for all intents and purposes Union Pay and EPS are pure monopolistic organizations. It is almost impossible to get a Visa or MasterCard debit card in Hong Kong. For those on the lower income levels or uneven income have no choice but to use EPS and commit to physical store shopping only. They cannot go online to shop if they chose because they cannot get a credit card since only EPS is usable in Hong Kong. As such they end up paying more for almost everywhere.
Reuben L Sushman High Times
Last week Mr Know-It-All explained the history of our long-running opium monopoly (“What Hong Kong Monopoly should I know about?” June 17, issue 1150). Facebook readers reflected:
Paregoric (Camphorated tincture of opium) was not made a Schedule III drug until 1970. During the whole period of this ‘monopoly’ large swathes of the global population was addicted to opium and its derivatives, in Western countries mostly through pharmeceutical preparations.
David Francis Urrows
The Sassoon family were involved... the Opium wars were fought over it and China lost Hong Kong. Awful event in China’s history :-(
You can thank United Kingdom for that...largest drug dealing empire