Explainer: What to know about Hong Kong taxi licences, and why their value is plummeting amid rise of Uber

Explainer: What to know about Hong Kong taxi licences, and why their value is plummeting amid rise of Uber

The value of Hong Kong taxi licences has plummeted to a record low in recent weeks, now costing less than HK$2 million – less than a quarter of the value at their peak value. A taxi driver. Photo: Kyle Lam/HKFP. Some taxi industry bigwigs have suggested that the government could buy back the licences to offset the losses that license holders are experiencing. But what are taxi licences, who owns them, and how do they fit into the bigger picture …