Taxi trade fears 10% could lose cabs as drivers gear up for ride-hailing
Hong Kong’s taxi trade has warned that 10 per cent of the city’s cab owners could soon default on vehicle mortgages as licence values plunge, with many drivers switching to the new ride-hailing regime under which 10,000 permits will be issued. The market value of a taxi licence has plunged over the past two decades, from a historic high of HK$7.66 million (US$970,163) in 2009 to HK$2.62 million for urban or red cabs and HK$1.45 million for green or New Territories taxis as of
Hong Kong's taxi industry is facing significant disruption as drivers prepare to transition to new ride-hailing services. This shift is expected to lead to a potential 10% default rate among taxi owners on their vehicle mortgages due to a sharp decline in licence values. The market price for a taxi licence has fallen dramatically from its peak in 2009, with current values significantly lower for both urban and New Territories taxis.
This situation highlights a major economic challenge for existing taxi operators and could reshape urban transportation in Hong Kong.
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