Occupy worries fail to deter bids for stalls at Lunar New Year Fair
Spots for traders at Lunar New Year Fair go for record prices despite worries nearby protests could force cancellation or an early closure
Prime spots for stalls at the annual Lunar New Year Fair in Victoria Park were auctioned off at record prices yesterday, despite concerns over how the Occupy movement might affect the week-long event.
Despite the uncertainty, wedding banquet and restaurant group Club One paid HK$570,000 at the 13th bid for a 7.6 by 4.8 metre space for a snack stand at the park's Gloucester Road entrance.
That figure was 72 per cent higher than the opening price, and HK$30,000 more than last year's winning bid, which was paid by the same group.
The other two large snack stalls that feature at the popular fair went for HK$410,000 and HK$360,000, while fierce bidding saw wet goods stalls in the park sell for as much as HK$63,000.
George Wong Fuk-wah, managing director of The Lifestyle Group, of which Club One is a member, said he expected to lose money, as he did last year, but felt it was his responsibility to participate at the fair to "raise the spirits" of fellow small and medium-sized enterprises.
"Occupy Central has affected us," Wong said. "We want to … do something practical to help Hong Kong and support the economy. We must show other SMEs that we are still willing to invest, or else the idea that [Occupy] will ruin businesses will be self-fulfilling."
The Club One stall will sell traditional Chinese delicacies, including abalone, with a twist of fusion and molecular gastronomy, the firm said. Prices will be between HK$20 and HK$40. Chef Alvin Leung of Michelin-starred Bo Innovation is working with the company on the stall.
Lam Kam-kong, the department's senior superintendent for operations, said they were still unsure if and how the Occupy protests would affect road and pedestrian traffic arrangements by February 13, the opening day.
"We will consider crowd management and traffic arrangements, to see if the safety of visitors is affected," Lam said.
Occupy activists remain camped out on the eastbound lanes of nearby Yee Wo Street in Causeway Bay. Vendors would be refunded their daily rental payments on a pro rata basis if the fair was cut short, Lam said.
Traders at the fair are hoping Occupy will end as soon as possible. Lau Hoi-tao, a florist known among regulars at the event as "the peach blossom king", said the protests would not only affect business, but also the atmosphere at the fair.
"This is the most important time of the year," said Lau, who is participating for the 42nd time. "I hope [protesters] will be magnanimous and just go home for dinner earlier."
Bidding continues today at Queen Elizabeth Stadium, with 284 dry-goods stalls up for grabs. The opening prices for all stalls are 4.3 per cent higher than last year.
Economist Dr Andy Kwan Cheuk-chiu said the high prices vendors were willing to pay for stalls indicated people were not bearish about the local economy.
