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As the most expensive private hospital in Hong Kong, HKSH MEDICAL GROUP received 86 million HKD from the government’s financial subsidy
(22 Jun)The Hong Kong government released a list of companies that received the financial subsidy. Among those companies, HKSH MEDICAL GROUP (business included the Hong Kong Sanatorium & Hospital, HKSH) received the most money, with nearly 86 million HKD. You are reading this right, a hospital that most of the Hong Kongers cannot afford, received the most funding.
As the most expensive private hospital in Hong Kong, it has many rich clients. In the past decade, clients from mainland China were the main source of financial income. The hospital was gaining so much profit so that the salary of the doctors also kept raising.
Why is HKSH still asking the Hong Kong government for money? Firstly, if financial aid is available, why should one refuse the aid? Secondly, the hospital greatly profited from the China mainland clients, so it can rely on their spending. In 2014, it used 140 million HKD to purchase the entire Eastwood Centre in Shau Kei Wan, then re-developed it into HKSH Eastern Medical Centre, which mainly used as a cancer treatment centre. Additionally, it rented a commercial centre nearby, in order to further expand its business.
The centre was expected to start running in 2019. However, the US-China trade war and Hong Kong anti-extradition law protests resulted in the lack of mainland China clients. Suddenly, all of its rich clients from mainland China are gone, yet the hospital invested the money already. All it can do now is to ask the government for money and let Hong Kong citizens pay the bill.
Of course, the incident at HKSH was only the tip of an iceberg. There are many more companies in Hong Kong which rely on money from China but ignore the problems Hong Kongers are facing. When something bad happens, they just ask Hong Kongers for money to fix the problem. For example, Hong Kong Ocean Park's financial problems.
The saddest thing is, Hong Kongers are being robbed because they cannot even say “No!”.
Source: The People HK
#HKSHMedical #FinancialSubsidy #FailedState #PublicMoney
As the most expensive private hospital in Hong Kong, HKSH MEDICAL GROUP received 86 million HKD from the government’s financial subsidy
(22 Jun)The Hong Kong government released a list of companies that received the financial subsidy. Among those companies, HKSH MEDICAL GROUP (business included the Hong Kong Sanatorium & Hospital, HKSH) received the most money, with nearly 86 million HKD. You are reading this right, a hospital that most of the Hong Kongers cannot afford, received the most funding.
As the most expensive private hospital in Hong Kong, it has many rich clients. In the past decade, clients from mainland China were the main source of financial income. The hospital was gaining so much profit so that the salary of the doctors also kept raising.
Why is HKSH still asking the Hong Kong government for money? Firstly, if financial aid is available, why should one refuse the aid? Secondly, the hospital greatly profited from the China mainland clients, so it can rely on their spending. In 2014, it used 140 million HKD to purchase the entire Eastwood Centre in Shau Kei Wan, then re-developed it into HKSH Eastern Medical Centre, which mainly used as a cancer treatment centre. Additionally, it rented a commercial centre nearby, in order to further expand its business.
The centre was expected to start running in 2019. However, the US-China trade war and Hong Kong anti-extradition law protests resulted in the lack of mainland China clients. Suddenly, all of its rich clients from mainland China are gone, yet the hospital invested the money already. All it can do now is to ask the government for money and let Hong Kong citizens pay the bill.
Of course, the incident at HKSH was only the tip of an iceberg. There are many more companies in Hong Kong which rely on money from China but ignore the problems Hong Kongers are facing. When something bad happens, they just ask Hong Kongers for money to fix the problem. For example, Hong Kong Ocean Park's financial problems.
The saddest thing is, Hong Kongers are being robbed because they cannot even say “No!”.
Source: The People HK
#HKSHMedical #FinancialSubsidy #FailedState #PublicMoney