Many Hong Kong small businesses are on the brink of collapse. Can they be saved?
SMEs are struggling with cash flow, loss of business and an exodus of investors
Hong Kong restaurant owner Arthur Yeung cannot hide his disappointment and bitterness at being forced to close his family business.
After eight years on Johnston Road in Wan Chai, his Nebraska Steakhouse will exit the once-bustling food and beverage scene on November 10 after losing about HK$5 million (US$641,455) since the Covid-19 pandemic struck.
During its best years, it had its share of celebrity patrons, including actors Chow Yun-fat, Sean Lau Ching-wan and Anthony Wong Chau-sang.
Yeung, 42, hoped customers would return when the city lifted pandemic restrictions and reopened last year, but the situation only became more dire as Hongkongers began travelling to mainland China where eating out and leisure activities cost less.
“There have been many dead quiet nights without a single diner, especially in February after Lunar New Year and in June,” he said.
“The nearby streets look empty and lifeless with other eateries shutting down for good. I can’t bear to let go, but I am mentally and physically exhausted.”
