Pro-Beijing businesses in Hong Kong have seen their popularity plummet since the 2019 pro-democracy protest movement, and rival businesses have since filled the void left behind by failing firms.

The Chinese beverage chain Hey Tea recently closed its store in Shatin’s New Town Plaza. The chain drew long lines when it first opened in 2018, but it has since been boycotted by consumers because of its political affiliation with Beijing.

Only one of Hey Tea’s original eight branches in Hong Kong still survives.

Best Mart 360, a grocery store chain accused of having ties to a pro-China criminal gang, closed its branch in Causeway Bay’s Jardine Center. The site has been taken over by a “yellow” restaurant – the color commonly used to signal support for the pro-democracy movement.

Another food chain considered sympathetic to the protests, Jar Gor 1996, has opened new branches in Kowloon Bay and Wan Chai.

Proprietor Eric Tsoi told Apple Daily that he rented the Wan Chai location at a favorable rate, down from its peak values. Further, he noted, the property’s rateable value has dropped to HK$4.44 million (US$567,000), down 30% from the previous year.

In last month’s budget, Financial Secretary Paul Chan said the government would waive rates – the tax levied on properties based on their rental value – for four quarters in 2021-’22.

He also said the rates system in Hong Kong had remained mostly unchanged since 1995, and the government might consider increasing rates on expensive properties.

The rateable value of Hey Tea’s shop in Shatin has fallen around 4%, according to the latest data from the Rating and Valuation Department.

The Shatin location of the Best Mart 360 store has a rateable value of HK$2.03 million (US$261,000), a 25% decrease from the year before.

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