From a story in the HK Standard:
Legislator Ronny Tong Ka-wah said despite suspected cartel behavior locally among supermarkets, property markets, fresh pork suppliers, ports and exhibition services, the lack of any independent and neutral body charged with adequate investigative powers to detect and substantiate claims would make enforcement of fair competition difficult, if not impossible...
Although there exist few barriers to entry into Hong Kong markets, Tong believed existing business conduct that impeded competition was particularly worrisome for foreign investors who were new to the market."
Read more here.
Wouldn't one expect Mr Tong to at least understand the contradictory nature of his own argument highlighted above?
Anti-competitive behaviour means returns for incumbents higher than the interest rate;
If barriers entry are few, competitors who want a cut of the higher return would jump into the fray;
Returns would return to normal as competition intensifies.
Why worry, Mr Tong?