Monopoly City: The Companies That Own Everything in Hong Kong
Seems like everything we beg, borrow or buy is owned by just a few companies, big or small... Graphics by Kay Leung
In May, Hong Kong reclaimed its title as the most competitive economy in the world. But how much competition is there, actually? Seems like everything we beg, borrow or buy is owned by just a few companies, big or small...
Electricity
Hong Kong has two electricity suppliers: Hongkong Electric, which covers Hong Kong island, Ap Lei Chau and Lamma and is owned by Li Ka-shing; and China Light and Power, which supplies Kowloon, the New Territories and the other outlying islands, and is run by the Kadoorie family. So in other words, no matter where you live in Hong Kong you have a choice of exactly one electricity supplier, allowing them to charge pretty much whatever they please.
Gas
Towngas is the city’s only gas supplier, making it one of the largest utilities providers in Hong Kong. It is itself owned by Henderson Land, which also owns the Miramar Hotel Group, Hong Kong Ferry, part of IFC and more.
Read More: What's the History of Hong Kong's Opium Monopoly?
Stocks
Hong Kong has exactly one stock market, owned by Hong Kong Exchanges and Clearing Limited (HKEx), and it’s actually been made exempt from the recently introduced Competition Ordinance. Singapore, meanwhile, has two, and even in China the Shanghai and Shenzhen stock exchanges are in rivalry. HKEx says that it has been “sufficiently robust and effective” in self-regulating against anti-competitive practices.
Bread
Loving that buttered brioche enveloping your $200 lobster, or the flaky croissant and scone with your morning coffee? It probably came from Garden Bakery, which supplies virtually all of the city’s restaurants, caterers and fast food outlets with their bread.
Big Companies Aren’t ALL bad…
Following on from the Denise Ho–Lancôme face-off, in which the cosmetics brand dropped Ho from a promotional concert after boycott threats from Mainland Chinese netizens, Hong Kong music app Moov said that it would “employ Denise Ho permanently.” Moov is owned by PCCW, which is run by Li Ka-shing’s son Richard Li. Mainland netizens have called for a counter-boycott of all products associated with the Li family—which could be difficult. Here's why:
