Investors Turn HK Red Taxis Into New Bubble Market

Investors Turn HK Red Taxis Into New Bubble Market Play

Aug. 8 (Bloomberg) -- Allan Shek, the owner of a Hong Kong shop selling gold and jade jewelry, says he's made millions on the side by riding wild swings in the stock market and by buying into the city's property boom. No more. Last month, he bought five Hong Kong taxis and the licenses to operate them. Seven or eight of his friends have bought taxis too, he says. The run-up is sparking warnings of yet another investment bubble in a city that's no stranger to them. (Source: Bloomberg)

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