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Housing Society extends 75pc rent waiver for commercial tenants
The Hong Kong Housing Society announced on Friday that a rent concession of up to 75 percent will be extended to support more than 400 of its eligible commercial tenants for three months from October 1 to December 31.
The society said it hopes this seventh round of rent concession implemented can help alleviate the pressure on businesses.
The announcement noted that eligible commercial tenants will be granted 50 percent rent waiver unconditionally. As for those who show proof of a drop in sales revenue exceeding 50 percent y-o-y, additional concession based on the percentage of decline in sales revenue will be provided, up to a maximum of 75 percent.
Meanwhile, commercial tenants whose businesses are required to be closed due to closure orders or directions as part of the Government’s anti-epidemic measures may apply for full rent waiver within the aforementioned period.
Full rent waiver also covers eligible tenants of monthly parking spaces for commercial vehicles with school contracts to provide student transport services if they are affected by the suspension of face-to-face classes in campus as instructed by the government.
The society said they have set aside about HK$42 million for this round of rent concession.
Since October 2019, the society has offered multiple rounds of rent concession for its commercial tenants, and the accumulated rental income forgone will be more than HK$700 million together with this latest round of rent relief.
The announcement noted that eligible commercial tenants will be granted 50 percent rent waiver unconditionally. As for those who show proof of a drop in sales revenue exceeding 50 percent y-o-y, additional concession based on the percentage of decline in sales revenue will be provided, up to a maximum of 75 percent.
Meanwhile, commercial tenants whose businesses are required to be closed due to closure orders or directions as part of the Government’s anti-epidemic measures may apply for full rent waiver within the aforementioned period.
Full rent waiver also covers eligible tenants of monthly parking spaces for commercial vehicles with school contracts to provide student transport services if they are affected by the suspension of face-to-face classes in campus as instructed by the government.
The society said they have set aside about HK$42 million for this round of rent concession.
Since October 2019, the society has offered multiple rounds of rent concession for its commercial tenants, and the accumulated rental income forgone will be more than HK$700 million together with this latest round of rent relief.
