Jul 10, 2024 03:50 AM

BUSINESS

Hong Kong Unveils Plans to Regulate Uber Decade After Launch

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A taxi license is now worth HK$2.8 million ($358,000) in Hong Kong

A taxi license is now worth HK$2.8 million ($358,000) in Hong Kong

(Bloomberg) — Hong Kong outlined long-anticipated plans to regulate ride-hailing services, but their vagueness is creating uncertainty over Uber Technologies Inc. operations in a city infamous for the poor quality of taxi services.

Authorities intend to license platforms such as Uber and adopt tougher penalties for rule breaking, the Transport and Logistics Bureau said in a paper published on Monday. Taxi services would be improved through the introduction of “premium fleets”, it said.

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