Hong Kong Housing Authority (HA) has extended the 50 per cent rent cut for another six months for its retailers, following the government’s relief measure.
Starting from April 1, the rent concession will benefit approximately 2450 retailers and 3300 factory tenants, according to a spokesperson for HA. The rent cut does not include rates and air-conditioning charges.
“The arrangements endorsed previously will continue to apply during the extended rent concession period,” said the spokesperson. “The rent concession will apply to all eligible tenancies that are in force during the concession period. There will be no rent concession for tenancies that are under a rent-free period during the concession period.”
The rent concessions over a year cost the HA US$100 million.
The spokesperson said HA will grant extensions at the existing rent while pending agreement on new rental rates, so tenants can continue to use and occupy space upon expiry of existing contracts.
HA granted a 50 per cent rent concession for Hong Kong retailers last October as a move to alleviate hardship resulting from protest activities.