A study of the impact of asset enhancement of fresh market in Hong Kong on the community : the case of Link REIT

Abstract

Fresh market is an integral part of society with economic and social function to the community. On one hand, it offers affordable and varied daily necessity and employment opportunity for people living nearby, on the other hand, plays as a social focal point in the community which pervaded by human touch. Nevertheless, this traditional industry is declining and is losing its functions little by little due to the out-mode design and management, and the challenge of supermarket in Hong Kong. The stagnant development and management of public fresh market resulted in numerous social appeals about asset enhancement. Conversely, the continued asset enhancement projects of fresh market by Link REIT got a name of “neglect of community need” together with the noise from the public about repurchasing Link REIT by the government. Such polarized reactions on asset enhancement impelled people to be doubted of the contribution of asset enhancement of fresh market on the community. The purpose of this research is to study how the community is influenced by the asset enhancement work of fresh market and therefore evaluate the impact on people living nearby and stall tenants. The contribution of asset enhancement to revitalize the role and functions of fresh market will also be investigated. Both conceptual and empirical literature reviews related to fresh market and asset enhancement were completed to draw a foundation to this research. Through the analysis in impact from the people living nearby and stall tenants, the result concluded that the advantages brought by asset enhancement of fresh market on the community outweigh the disadvantages. The close attention of economic function of fresh market reflected the ignorance of its social function by the community. It signifies that the landlord should put much effort to enhance social functions. The attraction of young generation to fresh market after asset enhancement would be an interesting lesson to study since the research shown that they are willing to enter the market in comfortable environment but hold back from being engaged in market business. The findings may be useful for Link REIT and the government to take into consideration in future asset enhancement projects of fresh market.