The golf carts are regulated as village vehicles and the cap on the issue of new licenses was a condition stipulated prior to the opening of the tunnel. You need to produce a certificate of insurance every year when renewing your vv license. There have already been serious/fatal accidents due to golf cart/bus collisions and ‘single vehicle’ accidents along the main drag.
A reasonably large proportion of the golf carts are owned by companies and individuals closely aligned with HKRI which should give golf cart owners a degree of comfort.