A vacancy tax could bring back Hong Kong’s commercial buzz

Take a walk through some of Hong Kong’s most iconic streets and you might notice a puzzling sight: prime retail spaces in Causeway Bay, Wan Chai, Tsim Sha Tsui and other areas are papered over with all types of rental advertisements where there used to be a buzz. Out-of-reach rental prices are often a result of a simple human instinct: the desire to hold out for yesterday’s peak prices. For many property owners, accepting a lower rent can feel like a step back, potentially affecting bank...