Allan Zeman: liquor tax cuts provide lifeline to Hong Kong bars and could lure more foreign brands

Allan Zeman, Chairman of the Hong Kong Lan Kwai Fong Group, says the new liquor tax cuts, announced in the Chief Executive’s policy address, provide a lifeline to struggling bars and clubs and could attract more foreign spirit brands to Hong Kong. He says Hong Kong leader John Lee Ka-chiu is in a “tough spot” of reviving the sluggish F&B industry, while discouraging excessive alcohol consumption. He also says the trend of more Hongkongers spending in mainland China will continue until the US dollar weakens and US interest rates fall further. He said he expects the trend to continue until  “the end of next year” at the earliest, asking businesses to come up with innovative ways to transform the business.