I think it is also really important to remember it's not airbnb v mantra, it's airbnb vs a whole host of traditional hotels, motels etc.
The industry has a high level of fixed costs. The most marginal players will therefore be the first affected. I don't believe MTR is one of the marginal players, so other companies will be affected before MTR is. A similar theme played out in iron ore recently: small marginal players went under, the larger ones with lower costs of production prospered.
The difference is in this case demand (tourists / travellers) is rising, whereas for iron ore, it was falling.
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