Restaurants proliferate as Europe's top chefs head to Hong Kong
Rents may be high and margins thin, but that hasn't stopped top European chefs opening restaurants in the city
Call it the law of unintended consequences or the butterfly effect - or perhaps just a delicious irony. Europe's fragile economy has led a number of its culinary talent to seek more attractive rewards on our shores, leading to a proliferation of new restaurants opening in the city.
Operating margins here might be being squeezed by rising rent, labour and ingredient costs, but apparently they are still more attractive than those in Europe, especially in France, Italy and Spain, the key exporters of concepts and cooking talent.
European chefs working here are not eager to return home, as job opportunities remain thin on the ground there.
Just looking at French names alone, the city has in the past year or so seen the opening of the Eric Kayser bakery chain, Dalloyau patisserie, Le Saison, Seasons, and can look forward to projects from senior members of the Chez Patrick group.
The sheer volume of restaurant openings this year has left some observers perplexed; as Tony Cheng, the CEO of Drawing Room Concepts, says, although more foodies want to fulfil a dream of opening a restaurant, "the margins are tough and the turnover is really quite high".
"I am baffled. Every man and his dog is getting into the restaurant business and F&B," says Cheng, whose company operates restaurants such as Ammo, Hainan Shaoye and now Vasco Fine Dining and Isono Eatery & Bar in PMQ.