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 have plunged, 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 fallen over the past two decades, from a historic high of HK$7.66 million in 2009 to HK$2.62 million (US$334,360) for urban or red cabs and HK$1.45 million for green or New Territories taxis as of May this year,…

المصدر: SCMP — World