‘Don’t exaggerate’: Hong Kong’s leader urges calm amid string of business closures, saying operators come and go during transition

Lee called on Hongkongers to see problems with a “positive and enterprising” attitude and stand united in telling others about the “real and glorious” side of the city.

“If we only focus on certain changes we often see in daily life and deal with it in an exaggerated way, it may not be the most correct approach for Hong Kong as a whole,” he said.

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Lee said Hongkongers are full of ideas, agile and creative, adding he had seen growing activity in several areas of the economy in the city.

“We should work together to promote the good things about Hong Kong to everyone, be they residents or foreign visitors, as carrying the city forward requires having confidence in ourselves,” he said.

The President Theatre cinema in Causeway Bay will shut for good on Tuesday evening after nearly 60 years of operation, just about a week after the closure of another cinema, GH Kai Tak.

Curtain to close on another Hong Kong cinema with President Theatre to shut

Federation of Hong Kong Filmmakers spokesman Tenky Tin Kai-man said the string of closures sounded the alarm bell for the city’s cinema sector, which faced challenges including high rents and stiff competition from other entertainment platforms.

Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, also earlier estimated that more than 700 restaurants had shut down in the past few months amid a trend of diners increasingly heading north and overseas.

Meanwhile, more than 400 outlets had been set up in the city, Wong said.

He warned that the wave of business closures might worsen as restaurants had been hard hit by outflows of customers to the mainland and overseas.

The trend also prompted online users to document the closure of restaurants and other small businesses on Facebook page ‘Concern group on Hong Kong shop closures’, which drew more than 354,000 followers as of Tuesday.