May 28, 2013
Hong Kong meat traders appeal to end beef importer monopoly
An alliance of meat traders in Hong Kong have renewed calls to end the monopoly enjoyed by the city's sole fresh beef importer, which has contributed to rising prices of the meat.
Fresh Beef Traders Alliance convenor Hui Wai-kin told local radio the retail price of fresh beef was HKD100 (US$12.90) per catty (604 grams) in late April - double the HKD50 (US$6.44) per catty in the same month last year.
Hui said the increases had driven away an estimated 40% of their customers, who now opted for frozen beef, and caused the closing of a number of meat vendors.
Hong Kong imports live cattle from the mainland through its sole distributer Ng Fung Hong. Since 2012, the company has increased its wholesale prices to retailers six times.
Hui also said a recent survey conducted by the alliance found that beef in Hong Kong was about 50% more expensive than in the mainland. He urged the government to open up the beef market to stabilise beef prices.
Late last year, the government began a study to find out why beef prices kept rising. The results are expected later this year.
