Govt urged to let struggling red minibuses go green
The government's being urged to create more green minibus routes in the city – but give them to red minibus drivers – over fears banks will start seizing more vehicles as loans go unpaid. Chow Kwok-keung from the Hong Kong Taxi and Public Light Bus Association on Thursday said business has been so bad for red minibus drivers since the pandemic that some can't afford to pay even just the interest on their vehicle loans. He said around 100 minibuses used as collateral have been seized in recent years, and banks could soon be coming for around another 100.  "As everyone can see, after the border reopening there wasn't much improvement for minibus operations, and there's not much help from the government in terms of policies," Chow said on a Commercial Radio programme. "So some of those in the trade may think that if they keep making loan payments for their vehicles, it will be in vain. They feel disheartened." Chow called on the government to offer help by approving more green minibus routes in places including Tung Chung, Ma Wan and Tseung Kwan O, so that red minibus operators can switch to fixed routes. He said the administration could also allow minibus services to other parts of the Greater Bay Area. Meanwhile, an online platform for trade operators, Minibus Collections, said minibus licences are now changing hands for around HK$700,000 – about a tenth of their peak value. The Monetary Authority said a small number of minibus operators have decided to stop paying their loans, despite being offered a relaxation in their payment arrangements, and therefore banks have been left with no choice but to seize minibuses held as collateral.