All across the city, small businesses are being squeezed out because of skyrocketing rents imposed by relentless landlords. Many face closure or relocation to less desirable locations that are worse for business. They are being replaced by property agencies or, in the most expensive locations such as Central, by large corporations with deep pockets.

One problem is that more landlords have taken to imposing rents based on how well a tenant's business is doing, rather than following the market rates of the premises being leased. So, if your business prospers, it's not unusual to find your rent doubled, or worse, when your lease expires. Running an independent business is already tough, but in Hong Kong fledgling businesses face a Sisyphean battle with their landlords.

These are all blows to Hong Kong's much-touted entrepreneurial spirit. Productive enterprises that generate real economic value are penalised while rentiers, who are economically unproductive, reap enormous profits solely because the city is locked in high property prices. But it is unfair to blame it all on landlords; they behave that way because that's how the system works.