everyones spending less in HK. Restaurants are cutting portions, increasing costs, providing less value overall. Many head over across the border by happier meals. Smart business man, wish him the best.
This sounds more like a show to his investors to justify the spend. The drop in spend is not because the younger generation drink less, it is because the monied generation are feeling the pinch and have mostly left HK.
@@neon415 “Monied” by what definition? In terms of the ultra wealthy and I personally know through private member clubs are all staying in Hong Kong in the long run. Only the middle and upper middle class have left which weakens spending dramatically. But those who call the shots and have the funds to back it up are essentially all still bullish on Hong Kong
@@adriankwok0331 totally agree with what you said. The ones that left are those mid to mid-upper class with more money than the average, but not yet ultra rich upper class. Those are the ones who are most afraid, and most vulnerable, of their wealth being shrink down to mid and mid-lower class. The ultra rich already has their firm grip on HK, and they will make their money one way or another.
Or maybe it’s because 100,000 expats left and it’s cultural….I don’t know many local middle class families that will order a bottle of wine or beer while having dinner with the kids.
Fact of the matter is the land owner overvalued the land, which then the cost got passed down to the business operators, which tried to pass onto the consumer. People got tired and decided to go elsewhere. So business is dying, they tried to spin it into some politics play
the big drinkers expats from US, UK and Australia leaving HK is the real reason for drop in alcohol consumption as well as high end spending. The casual Chinese tourists spend is much less. Is he paid by HK Government seems very eager to sell the story of business as usual or recovering at a time when there is still a lot of uncertainty with Trump and US stance on HK. One push of canceling HK swift access he will not be smiling for a long time.
Agreed. Also those young Kong girls who planned to date westerner used to drink a lot just for dating. Now there is no more westerner. So they do not drink also..
HK property crash, of course people are dining out less. HKers leaving HK and back filled by mainlanders. HK will be less and less HK and more and more China.
@@theotheleo6830exactly. People say that as if it’s a negative thing, it’s no longer colonial times and we don’t “need” western expats to be overpaid when we have more gifted talent just across the border
Nah I prefer old HK. The influx of mainland Chinese people have changed what was once a beautiful HK. If i want to experience mainland Chinese culture and hear Mandarin, I'll go to China. Chinese/Australian here
High class restaurants may still have a chance because there are still a lot of rich people in hong kong. For the low price eateries, no chance. Very poor services and food are with low standard.
He sounds like a banker rather than a restaurant owner, which is a big red flag for me. I want food, service, and ambience, not numbers, margin, and spending.
I have personally worked with Asim at Carbone when it first opened. Trust me, he’s smart yet very humble. The first time I met him, he was literally moving produce and goods into the restaurant himself and I almost mistook him for a mover. About the banker part though, I mean, it’s Bloomberg …
@ First, I understand that this is a PR push, but there can be clever ways to do it, such as WSJ interviewing Red Lobsters’s new CEO, and they operates over 500 locations.
@@kevinkan6377 The only black sheep restaurant I have visited is the one at the peak. It was okay, but I would be lying if I say I were impressed by the food.
The hong kong Meeting,Exhibition, convention scene is really bad. Most accompanying clientele that participate in Fine Dining and wine are avoiding Shanghai ,Macau and Hong Kong. For example the turn up rate data for the Hongkong jewellery show is less than ideal and the global audience it should had attracted avoided Hong Kong due to ambiguous HK/Chinese hybrid security law.
For somebody who lives in Hong Kong for over 10 years, I see the Hong Kong making new opportunity for F&B business every day every month every year but without really understanding of existing customers.
Rajasthan Rifles provides Anglo-Indian fusion cuisine. He literally in the same sentence explains how the demographics of HK are becoming more Chinese. It's a pretty big risk, because if you know any Chinese families - Anglo-Indian food is not typically at the top of the menu.
because HKongers will not forget 2019 and will stop spending to let these money seekers collaborating with the evil authority! Possibly, you are one supporter of them! Hk was destroyed! It will be against true HKongers will if this evil city rises again under the current vicious government!
When he said he welcomes competition from the Mainland, that awkward smile says it all. He knows he's going to get crushed and the dining scene in HK is gonna get trashed. Seriously, how many franchise Mainland noodle / hotpot restaurants do you actually need??
True Hong Kongers don't want to go back to Hong Kong where the White Imperialists were having their Exceptionalism. It's about time the local are treated with dignity and not look down upon in their own land by the Imperialists.
I haven't found this trouble "globally". In contrast, I found that booking an ideal restaurant in Japan, Australia, and even mainland China is getting even more difficult. This group should reflect on itself in terms of food quality, service, and pricing. It is funny that Black Sheep is complaining about this so-called "global trend", because I have tried probably 5 restaurants run by this group, and actually 4 of them were disasters. Keep fooling your investors, but the consumers won't come back.
Whether Hong Kong remains a land of opportunity or stages a comeback as a global economic powerhouse is heavily contingent upon China’s broader policies-particularly whether Beijing chooses to align more closely with Western values of openness, free markets, and transparency. Should China adopt such an approach, there would be little to hinder the return of talent, capital, and businesses, which could once again flood into Hong Kong, restoring its former vibrancy as a global financial hub. However, gazing into the proverbial crystal ball, this scenario appears increasingly improbable. The Chinese central government has been steadily recalibrating its economic priorities, focusing on the Greater Bay Area (GBA) as the engine of future growth and innovation. This strategic pivot suggests that Hong Kong’s traditional role as China’s gateway to the world may continue to diminish. Instead, cities like Shenzhen and Guangzhou, which align more closely with Beijing’s vision of integrated development and technological advancement, are poised to take center stage. Against this backdrop, Hong Kong risks becoming an outlier-a “black sheep” straying from the herd, only to walk itself into the proverbial slaughterhouse. Those still clinging to the notion that Hong Kong represents boundless opportunity may be setting themselves up for significant disappointment, or worse, serious financial and strategic missteps. While Hong Kong retains some of its legacy appeal, its future as a thriving, autonomous economic center remains deeply uncertain in light of China’s shifting priorities.
Western propaganda will say HK is doing badly because of etc etc. Trust me …..most major cities in Asia is not doing well as the region is just recovering from Covid . Business is only humdrum . High end restaurants are the first to be hit. It is easier to downgrade from a $500 live fish and have a frozen fish instead. Or a Mccallan 18 to a Mccallan 15. We are all saving monies by curbing excesses as inflation is high.
Hong Kong is indeed doing badly comparing with other vital Asian cities. In Hong Kong, we the foreign travelers feel an immensely dejected vibe. No doubt the global economy is not as flourishing as years ago, but the overall sentiments in Osaka, Tokyo, Taipei, Bangkok and even Jakarta are dark and despair like that. My brother and colleagues from Australia who lived in Hong Kong for over 10 years left in 2023.
You want to see a dead city, come to San Francisco 😂🤦🏻♂️ Hong Kong’s pandemic struggles are nothing compared to SF where uncontrolled “freedom” (crime) has ruined everything.
@@ednasalinas8280every Asian city is feeling the pinch. Everybody in Taipei, Seoul, etc. feel hopeless about achieving financial independence. Hong Kong has a decent opportunity. Housing prices are down from world record levels. This is, in some way, what the locals always wanted. Less global money pricing out the working class. That’s the price of being an international city that HK has been paying for the past 40 years.
the fact that you need to compare it to other city is already indicative of how bad it is. Why don't you compare it to what it was? oh wait, truth will be hard for you to swallow 😂😂😂
Their restaurants are pricey. I've eaten at many of them. recently went to their Pizza and Pasta joint in IFC and a Pizza costs 35-40USD each. Not a good look for the level of food they are serving as it's not even fine dining.
10 years ago when I was new to the work force, when I was out with my superior for dinner, I was almost obligated to drink alcohol although I'm not into alcohol. Fast forward now, when I bring my team out, because I don't order alcohol, majority of my team don't drink alcohol as well. Is it because they were not drinkers as well or I set the tone is my guess.
Young people 20 years ago could afford to go out . Everything wasnt so expensive, realtively speaking oc. Fine dining has been changing for at least 20 years. What will the next 20 look like is the question.
Hong Kong benefited greatly from the Mainland being “closed-off” for decades. eg. trade, transpo, finance; much stemming from western preferential treatment. The ride is coming to an end as they’re being pinched. The mainland has created many economic alternatives to HK and are in the process of replacing the native population. It will become just another port city in their portfolio. As that becomes more apparent the US will treat it as such and squeeze from the other side. 🦀 We’re seeing amendments to the relation from the ending of HK’s special status in 2020 to the HK autonomy act to the 2024 HK policy act. The market will adjust accordingly.
The integration of Alemio Network with Layer-2, DeFi 2.0 tech and Cross-Chain interoperability has significant potential to enter top 100 cryptos. Well done!
Mr Hussain is infamous in Hong Kong market for delayed payment to suppliers.
@@濠-g4m Thats how the South Asian works i presume
This poor guy is putting on a good face . mainlander consumers are not going to be the same clientele as what he had built his restaurant profile on.
everyones spending less in HK. Restaurants are cutting portions, increasing costs, providing less value overall. Many head over across the border by happier meals. Smart business man, wish him the best.
This sounds more like a show to his investors to justify the spend. The drop in spend is not because the younger generation drink less, it is because the monied generation are feeling the pinch and have mostly left HK.
@@neon415 “Monied” by what definition? In terms of the ultra wealthy and I personally know through private member clubs are all staying in Hong Kong in the long run. Only the middle and upper middle class have left which weakens spending dramatically. But those who call the shots and have the funds to back it up are essentially all still bullish on Hong Kong
@@adriankwok0331 totally agree with what you said. The ones that left are those mid to mid-upper class with more money than the average, but not yet ultra rich upper class. Those are the ones who are most afraid, and most vulnerable, of their wealth being shrink down to mid and mid-lower class. The ultra rich already has their firm grip on HK, and they will make their money one way or another.
Or maybe it’s because 100,000 expats left and it’s cultural….I don’t know many local middle class families that will order a bottle of wine or beer while having dinner with the kids.
Anyhow wealthy people can leave HK ANYTIME
Fact of the matter is the land owner overvalued the land, which then the cost got passed down to the business operators, which tried to pass onto the consumer. People got tired and decided to go elsewhere. So business is dying, they tried to spin it into some politics play
@@kwfown I am glad to see the land owner still insist their views
the big drinkers expats from US, UK and Australia leaving HK is the real reason for drop in alcohol consumption as well as high end spending. The casual Chinese tourists spend is much less. Is he paid by HK Government seems very eager to sell the story of business as usual or recovering at a time when there is still a lot of uncertainty with Trump and US stance on HK. One push of canceling HK swift access he will not be smiling for a long time.
He's a businessmen he has to keep happy face otherwise his backers will pull out
Agreed. Also those young Kong girls who planned to date westerner used to drink a lot just for dating. Now there is no more westerner. So they do not drink also..
White people dont spend anythint,they get a cheap beer and sit all day
HK property crash, of course people are dining out less. HKers leaving HK and back filled by mainlanders. HK will be less and less HK and more and more China.
As it should be. HK is no longer a Brit colony, after all.
@@theotheleo6830exactly. People say that as if it’s a negative thing, it’s no longer colonial times and we don’t “need” western expats to be overpaid when we have more gifted talent just across the border
Shud it be filled with drunk pinks and third world browns
Nah I prefer old HK. The influx of mainland Chinese people have changed what was once a beautiful HK. If i want to experience mainland Chinese culture and hear Mandarin, I'll go to China. Chinese/Australian here
@@morechillis You can always go to Guangzhou, China if you want to hear Cantonese.
High class restaurants may still have a chance because there are still a lot of rich people in hong kong. For the low price eateries, no chance. Very poor services and food are with low standard.
US$300 for a meal? no thanks, even US$100 is too expensive per person.
Prepare some cup noodles after fine dining. Coz usually leave restaurant hungry
No tips in HK so it’s still cheaper than the US
They have to adapt to the new expats (mainlanders). Otherwise they won’t survive
HK it’s no longer an international travel destination. So glad I have great memories of the city traveling there in the past before the CCP takeover .
Hong Kong is part of China, deal with it.
Singapore is the new HK for obvious reasons
The CCP took over in 1997.
Smart and highly articulate. No wonder Black Sheep is doing so well in HK.
Another CCP bot?
Very interesting interview, no rethotic just an economical analysis.
He sounds like a banker rather than a restaurant owner, which is a big red flag for me. I want food, service, and ambience, not numbers, margin, and spending.
@@zhhu5660 Black Sheep has over 40 restaurant with different brands in Hong Kong. Of course he talks more about money than food and services.
I have personally worked with Asim at Carbone when it first opened. Trust me, he’s smart yet very humble. The first time I met him, he was literally moving produce and goods into the restaurant himself and I almost mistook him for a mover.
About the banker part though, I mean, it’s Bloomberg …
@ First, I understand that this is a PR push, but there can be clever ways to do it, such as WSJ interviewing Red Lobsters’s new CEO, and they operates over 500 locations.
@@kevinkan6377 The only black sheep restaurant I have visited is the one at the peak. It was okay, but I would be lying if I say I were impressed by the food.
The hong kong Meeting,Exhibition, convention scene is really bad. Most accompanying clientele that participate in Fine Dining and wine are avoiding Shanghai ,Macau and Hong Kong. For example the turn up rate data for the Hongkong jewellery show is less than ideal and the global audience it should had attracted avoided Hong Kong due to ambiguous HK/Chinese hybrid security law.
For somebody who lives in Hong Kong for over 10 years, I see the Hong Kong making new opportunity for F&B business every day every month every year but without really understanding of existing customers.
good interview
Rajasthan Rifles provides Anglo-Indian fusion cuisine. He literally in the same sentence explains how the demographics of HK are becoming more Chinese. It's a pretty big risk, because if you know any Chinese families - Anglo-Indian food is not typically at the top of the menu.
This certainly breaks the heart of some Hong Kongers especially those who now enjoying long night and short day somewhere.
I think he's a pretty solid, knowledgeable, authentic dude. Surprised with some people here making him out like some snake oil banker-salesman.
For a propagandist is it
because HKongers will not forget 2019 and will stop spending to let these money seekers collaborating with the evil authority! Possibly, you are one supporter of them! Hk was destroyed! It will be against true HKongers will if this evil city rises again under the current vicious government!
Took part in the Alemio presale today. The process was straightforward, and the project seems solid. Let’s see how it unfolds.
sounds like a banker more than a resto guy😂
a laid-off banker😂
US$300 for a meal? no thanks, even US$100 is too expensive per person.
When he said he welcomes competition from the Mainland, that awkward smile says it all. He knows he's going to get crushed and the dining scene in HK is gonna get trashed. Seriously, how many franchise Mainland noodle / hotpot restaurants do you actually need??
Hong Kong is dead. I was there in like 2017? Hong Kong was the “it” place to be. Just went back in 2024, it’s dead. Not going back anytime soon.
K
Well hopefully demand for housing will be reduced and actual locals can afford homes.
stop lying please.
@@eliso5973 What he said was very true. I visited Hong Kong in 2017 and 2024. It has changed, to the worse I must say.
@@nulnoh219this. Hong Kongers wanted this. Now they have to accept the consequences for their choices.
Dude.. there is no come back to hong kong. hope you can recover your money
I mean he is talking about his business gradually coming back, so I’m not sure what you mean there.
@@canto_v12 He believes hong kong is gradually coming back. But i wish him luck with everything.
True Hong Kongers don't want to go back to Hong Kong where the White Imperialists were having their Exceptionalism. It's about time the local are treated with dignity and not look down upon in their own land by the Imperialists.
@hongqi5734 you must be real fun at parties. Do you ever take a moment to read back what you write ?
Very smart man.
come to Singapore
Chinese have hard time borrowing money. Due to sancation issue or communist geopolitical tensions. Global government and Banks check..
Foreign investment has fled China. Too much IP theft.
I haven't found this trouble "globally". In contrast, I found that booking an ideal restaurant in Japan, Australia, and even mainland China is getting even more difficult. This group should reflect on itself in terms of food quality, service, and pricing. It is funny that Black Sheep is complaining about this so-called "global trend", because I have tried probably 5 restaurants run by this group, and actually 4 of them were disasters. Keep fooling your investors, but the consumers won't come back.
Sounds like a purveyor of snake oil.
Investing half of 30 million? That’s is peanuts. Going long on what basis? What are the fundamentals in your foresee turnaround?
His restaurants are all in the financial district and cater to yuppies. As a HK local i see nothing of interest for me.
smart man
Blacksheep restaurants have always been so pricey and the food just standard
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A mess
Whether Hong Kong remains a land of opportunity or stages a comeback as a global economic powerhouse is heavily contingent upon China’s broader policies-particularly whether Beijing chooses to align more closely with Western values of openness, free markets, and transparency. Should China adopt such an approach, there would be little to hinder the return of talent, capital, and businesses, which could once again flood into Hong Kong, restoring its former vibrancy as a global financial hub.
However, gazing into the proverbial crystal ball, this scenario appears increasingly improbable. The Chinese central government has been steadily recalibrating its economic priorities, focusing on the Greater Bay Area (GBA) as the engine of future growth and innovation. This strategic pivot suggests that Hong Kong’s traditional role as China’s gateway to the world may continue to diminish. Instead, cities like Shenzhen and Guangzhou, which align more closely with Beijing’s vision of integrated development and technological advancement, are poised to take center stage.
Against this backdrop, Hong Kong risks becoming an outlier-a “black sheep” straying from the herd, only to walk itself into the proverbial slaughterhouse. Those still clinging to the notion that Hong Kong represents boundless opportunity may be setting themselves up for significant disappointment, or worse, serious financial and strategic missteps. While Hong Kong retains some of its legacy appeal, its future as a thriving, autonomous economic center remains deeply uncertain in light of China’s shifting priorities.
I used to like this group's restaurants, but the quality has dropped drastically. I haven't been in a while.
@appleofeden22 I fully agree, Carbone is like that, and prices are up....
Economy depends on politics, can't separate the two
Western propaganda will say HK is doing badly because of etc etc.
Trust me …..most major cities in Asia is not doing well as the region is just recovering from Covid .
Business is only humdrum .
High end restaurants are the first to be hit.
It is easier to downgrade from a $500 live fish and have a frozen fish instead.
Or a Mccallan 18 to a Mccallan 15.
We are all saving monies by curbing excesses as inflation is high.
Hong Kong is indeed doing badly comparing with other vital Asian cities. In Hong Kong, we the foreign travelers feel an immensely dejected vibe. No doubt the global economy is not as flourishing as years ago, but the overall sentiments in Osaka, Tokyo, Taipei, Bangkok and even Jakarta are dark and despair like that. My brother and colleagues from Australia who lived in Hong Kong for over 10 years left in 2023.
You want to see a dead city, come to San Francisco 😂🤦🏻♂️
Hong Kong’s pandemic struggles are nothing compared to SF where uncontrolled “freedom” (crime) has ruined everything.
@@ednasalinas8280every Asian city is feeling the pinch. Everybody in Taipei, Seoul, etc. feel hopeless about achieving financial independence.
Hong Kong has a decent opportunity. Housing prices are down from world record levels. This is, in some way, what the locals always wanted. Less global money pricing out the working class. That’s the price of being an international city that HK has been paying for the past 40 years.
exactly.
the fact that you need to compare it to other city is already indicative of how bad it is. Why don't you compare it to what it was? oh wait, truth will be hard for you to swallow 😂😂😂
yeah, Come back story happening in 2035😂
HK cannot compares to London and NY anymore, you can compare it to 广州、成都 etc . Open more mala hotpot places to entertain those new hkers la 🤣
Their restaurants are pricey. I've eaten at many of them. recently went to their Pizza and Pasta joint in IFC and a Pizza costs 35-40USD each. Not a good look for the level of food they are serving as it's not even fine dining.
HK is no HK
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i just had a look at he menu of the Magistracy. 100 Pounds sterling for dover sole! Ridiculous.
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Now is NEW HK, Fully Mainlandized 💯
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8:14 Did he say high TEENS
@@nictse500 fine dining is generally a lower margin game
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10 years ago when I was new to the work force, when I was out with my superior for dinner, I was almost obligated to drink alcohol although I'm not into alcohol. Fast forward now, when I bring my team out, because I don't order alcohol, majority of my team don't drink alcohol as well. Is it because they were not drinkers as well or I set the tone is my guess.
Young people 20 years ago could afford to go out . Everything wasnt so expensive, realtively speaking oc. Fine dining has been changing for at least 20 years. What will the next 20 look like is the question.
This interview is meaningless. Please show some data and/or video. Nobody cares about your opinions.
People in Hong Kong are glad that the US back color revolution did not succeed and life can now be brought back to normal.
You believe in what he said? :)
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A disaster
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Hong Kong benefited greatly from the Mainland being “closed-off” for decades.
eg. trade, transpo, finance; much stemming from western preferential treatment.
The ride is coming to an end as they’re being pinched.
The mainland has created many economic alternatives to HK and are in the process of replacing the native population. It will become just another port city in their portfolio.
As that becomes more apparent the US will treat it as such and squeeze from the other side. 🦀
We’re seeing amendments to the relation from the ending of HK’s special status in 2020 to the HK autonomy act to the 2024 HK policy act.
The market will adjust accordingly.
More Middle East businessmen coming to Hong Kong / China for businesses ? ?
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He NEVER grew up F&B
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Kong is strong yes. But they do have casionos and they do love bets and having fun over there.
Uk is not united anymore
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Good luck dude LOL
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