Vendors close market in protest amid fears of high rent increases

Stall vendors in a Tseung Kwan O wet market closed their businesses yesterday to demand that the Link Reit ensure a reasonable rent increase.

Large banners reading 'The Link's management is in chaos, affecting hundreds of families' lives' were hoisted outside the padlocked Choi Ming wet market as 78 vendors protested inside.

Wu Kin-yip, who has operated two seafood stalls at the market for six years, fears another rent increase.

'The rent has risen twice since the opening of the wet market in 2002. My initial rent was about HK$20,000. It is now about HK$30,000.'

The rents of the various stalls are set by Goldrise Investment, a firm that contracts the market from the Link, a real estate investment trust. Goldrise's contract with the Link ends in the first week of next month, but there are no signs of meaningful negotiations, the stallholders say. They fear a large rent increase.

Rosita Wong, general manager of Goldrise, said it was still negotiating the lease.

'I cannot say whether there will be a rental rise to vendors. It all depends on the Link: if they can reduce our rent, we will lower vendors' rent,' she said. 'We urge the authority to give us the information about the new lease as soon as possible. The authority should re-evaluate the rent, and not raise it unreasonably.'