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The Pulse：Disney expansion & the "sharing economy"

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Hong Kong has a poor record for supporting the elderly poor, has limited resources for the public health service, and when it comes to housing for the less well-off, well, let’s say that seems to be on the too hard list but there’s always public money for Mickey Mouse. Hong Kong Disneyland has been controversial from the start. Even though Hong Kong’s coffers covered more than 80% of the initial 23 billion dollar cost of the project, the government has just a 57% share in the joint venture. There was even more controversy when, despite the hefty injection of public money, the park initially refused to release attendance figures. They were not spectacular. It has turned a profit for only three of its first eleven years in operation. Now Disney wants to expand and it wants Hong Kong to help pay for it. And here’s where we enter the magical kingdom of Hong Kong government studies and pixie dust: according to Secretary for Commerce and Economic Development Greg So, a “risk test” shows the city could lose up to 31.6 billion dollars over 40 years if it doesn’t spend HK$5.45 billion right now.
Mobile apps, the rise of the digital economy, and the financial crisis, all played a part in the flourishing of what’s been called, not always entirely accurately, the “sharing economy”. This incudes businesses such as Uber and Lyft, as well as other “collaborative consumption” models like Kickstarter, Etsy and Airbnb. Many of these businesses involve sharing goods and services, but critics say that when they label themselves as examples of the shared economy, they are in reality operating on traditional profit models, making companies like Uber akin to a wolf in sheep‘s clothing. All the same, there’s no denying that these innovations are challenging traditional businesses. And that doesn’t make them universally popular.
So what will it take to achieve the so-called “great reconciliation” to end the rift in our society? Democratic Party leader Wu Chi-wai was quickly shouted down when he suggested that in-coming Chief Executive Carrie Lam should pardon Occupy Central protesters and the eight police officers jailed for their over zealousness in handling the protest. Liberal Party leader Felix Chong suggested a roundtable involving both sides. And then on Thursday, some pan-democratic and pro-establishment lawmakers sat down for a lunch initiated by DAB chairwoman Starry Lee. Goodness knows what they ate but we do know that the Pulse will be back next week. Goodbye.
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