Hong Kong’s Star Ferry deserves tycoon lifeline
18/03/2022 04:14
(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
By Jennifer Hughes
HONG KONG, March 18 (Reuters Breakingviews) - Lockdowns have
put the Victoria Harbour icon into dire financial straits. Local
moguls like family-controlled parent Wharf group are keen to
help the city through tough times. Keeping the boats afloat
would preserve a slice of history and provide some hope for the
future.
Full view will be published shortly.
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CONTEXT NEWS
- Hong Kong’s Star Ferry Co is struggling to pay
workers after losses surpassed HK$70 million ($9 million) since
mid-2019 because of political protests and Covid-19 lockdowns in
the city. Debt now exceeds the value of assets, the company’s
general manager said, according to a March 16 report in the
South China Morning Post.
- The ferry service, which generates revenue from its
harbour crossings and pier rents as well as charters to tourist
groups, is part of Wharf Real Estate Investment, which also owns
the city’s popular Times Square and Harbour City shopping malls.
Wheelock & Co, controlled by the Woo family, holds 43% and Wharf
Holdings, its listed developer, has another 4%. Wharf and its
predecessors have owned the Star Ferry since 1898.
(Editing by Jeffrey Goldfarb and Katrina Hamlin)
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