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Housing Society extends 75 percent rent concession for merchants
Around 400 commercial tenants of Hong Kong Housing Society can benefit from the 75 percent rent concession for six more months, the Society announced today.
The measure will take place from October 1 to March 31, 2022.
Eligible merchants will see their rent reduced by 50 percent first. For those who show proof of drop in sales revenue exceeding 50 percent year-over-year, additional concession based on the percentage of decline will be provided, up to a total concession of 75 percent.
Besides, businesses that are required to be closed due to closure orders of the government’s anti-pandemic measures in that period may apply for full rent waiver.
Since October 2019, the Society had provided multiple rounds of rent concessions for its commercial tenants. Taken together with this latest round of rent relief, the total rental income forgone is more than HK$600 million.
The Society has made provision of over HK$100 million for this round of rent concession.
James Chan Yum-min, CEO of the Society, said he is glad to see that the economy and consumption have shown signs of recovery.
“To sustain appropriate assistance to our commercial tenants, the arrangement of rent concession is extended to support eligible commercial tenants in maintaining their services for the residents,” he added.
Eligible merchants will see their rent reduced by 50 percent first. For those who show proof of drop in sales revenue exceeding 50 percent year-over-year, additional concession based on the percentage of decline will be provided, up to a total concession of 75 percent.
Besides, businesses that are required to be closed due to closure orders of the government’s anti-pandemic measures in that period may apply for full rent waiver.
Since October 2019, the Society had provided multiple rounds of rent concessions for its commercial tenants. Taken together with this latest round of rent relief, the total rental income forgone is more than HK$600 million.
The Society has made provision of over HK$100 million for this round of rent concession.
James Chan Yum-min, CEO of the Society, said he is glad to see that the economy and consumption have shown signs of recovery.
“To sustain appropriate assistance to our commercial tenants, the arrangement of rent concession is extended to support eligible commercial tenants in maintaining their services for the residents,” he added.
