(Feb 24): Hong Kong is being threatened by a “Tsunami-like” cataclysm, the city’s finance chief has warned, as the new coronavirus devastates businesses already hobbled by months of anti-government protests. Unlike in the U.S., Australia and rival Singapore, businesses in Hong Kong don’t have recourse to any corporate rescue procedure when in difficulties. Hong Kong has been discussing a new legal framework since as early as 1996 and proposed legislation was submitted in 2014, but never dealt with by lawmakers. Gordon Lam, a food truck owner and convener for the Hong Kong Small and Middle Restaurant Federation, said a lot of his peers are considering closing up. “Doing business in Hong Kong has always been pricey, but I could at least make the money to pay rent and costs,” he said.

Source: The Edge Markets February 23, 2020 16:30 UTC