Maybe it’s the small size of our city or the concentration of people – or maybe it’s just the prudent side of our society – but this writer has noticed that the ripple effects of anything finance-related seem to happen with lightening speed in Hong Kong. 

Over the past week, the city’s stock market practically evaporated (hackers getting into the Hong Kong Stock Exchange system didn’t help matters), the streets were filled with empty taxis during the evening rush hour, and empty seats abounded at Causeway Bay’s usually jam-packed eateries. 

It’s as if the entire population has receded into a mini-recession. But wait. Wasn’t Hong Kong high on adrenaline from one of the biggest inflation eras in history? 

Don’t get me wrong, I sure ain’t complaining about inflation because, hey, it gives off the illusion that we are wealthier, stronger, fitter and happier. Our homes are worth more, our stocks are worth more, and we feel better about buying that gorgeous designer bag we don’t really need because, hey again, prices are pushed up every season.

With hindsight, the timing couldn’t have been more perfect for the SAR’s government when it introduced the minimum wage bill of $28-an-hour in May. 

With everything rising in price, it was only fair that we started paying what resembles a decent living wage to the majority of our city’s workers. With mega corporations operating (and controlling) so much of Hong Kong’s businesses – from fast food to construction to building maintenance – it’s high time that these cash rich employers start giving their workers a real standard of living to combat the soaring costs of Hong Kong society. 

But before we start skipping around like Robin Hood and cheering about poetic justice, I’d like to ask who’s really bearing the brunt of it all? Is it the tycoons? The CEOs? The business conglomerates? No, it’s us, the average Joe and Joanna.

Don’t believe me? 

Then let’s start with my lunch canteen of choice, Fairwood. My morning macaroni with ham is half the size of what it used to be; the same goes for my rice box lunch, which now contains far less rice. This is unquestionably an indication of how minimum wages affect profitability at these eateries. Then I received notice from my building management company (owned by a property tycoon, naturally) alerting me of a 20 percent hike in maintenance fees. No warning. No reason. ‘Just do it’. 

My rent has also gone up. 

Oh, and just to add insult to injury, my neighbourhood cha chaan teng has even let go of several staff and reduced the size of my morning toast for breakfast. 

What the hell is happening here? Simple – the squeeze is being put on Hongkongers. 

So, in theory, all that championing of equal rights and equal pay and a fair shake of the stick for all our exploited city workers is just a bunch of hot air. 

The mega tycoons aren’t sweating over the rising costs of labour at all, or the laws now protecting kitchen, waiting and construction staff. They have simply passed on the bill to us. 

The writing is now on the wall. If the rich keep getting richer, Hong Kong’s free economy will simply become a farce.

Leslie Chan