Housing Society Further Extends Rent Concession for Commercial Tenants
The Hong Kong Housing Society (HKHS) announced today (8 March) that with the approval from its Executive Committee, rent concession with a maximum of 75% will be further extended for about 480 eligible commercial tenants and car park operators of HKHS for six months from 1 April 2021 to 30 September 2021.
Eligible commercial tenants may apply for full rent waiver for the period during which their businesses are required to close due to closure orders or restrictions as part of the Government's anti-pandemic measures within the aforementioned period. Besides, about 580 tenants of monthly parking spaces for commercial vehicles at HKHS's premises are also eligible to apply for a 75% rent waiver during the same period.
HKHS Chief Executive Officer James Chan said, "As Hong Kong's economy is yet to be out of recession, HKHS has further extended the rent concession with an aim to support our commercial tenants so that they can continue their businesses, in the hope that the economy and business environment would be gradually improved in the latter half of the year."
It is expected that the rent forgone due to this round of relief measures will be around $133 million. Since October 2019, HKHS has implemented in various phases relief measures which include rent concession for its commercial tenants, car park operators and tenants of monthly car park spaces for commercial vehicles, amounting to an aggregate of $376 million in rental income forgone.