Some industry leaders recently called on the government to buy back the licences for HK$5 million (US$637,100) each. They argued that the documents had consistently depreciated in value with the rise of platforms such as Uber.
The value of a licence and a taxi has gone from a historic high of HK$7.66 million in 2009 to below HK$3 million in recent months, resulting in significant potential financial losses for owners.
Asked whether he would consider the suggestion, Lee said: “We must be very cautious when it comes to using public funds.”
He argued that the licences had given the sector an “exclusive privilege” to operate the vehicles, such as using the taxi ranks, picking up passengers in designated restricted areas and getting customers on the street.
