Press Release

Housing Society Pledges HK$100 Million to Further Extend Rent Concession for Commercial Tenants

The Hong Kong Housing Society (HKHS) announced today (9 March) that with the approval from its Executive Committee, rent concession of up to 75% will be extended for more than 400 eligible commercial tenants of HKHS for six months from 1 April 2022 to 30 September 2022.  This is the sixth round of rent concession implemented by HKHS for its commercial tenants.

HKHS Chief Executive Officer James Chan said, "Since the fifth wave of the epidemic has brought severe challenges to most businesses, the Housing Society has decided to further extend rent concession for its commercial tenants with its own resources. For eligible commercial tenants whose businesses are under closure requirements due to the Government’s anti-epidemic measures, the Housing Society has been offering full rent waiver to help them tide over the difficulties, hoping the tenants could keep the jobs and continue their services for the residents during the time of adversity."

Eligible commercial tenants will be granted 50% rent waiver unconditionally.  For those who show proof of drop in sales revenue exceeding 50% y-o-y, additional concession based on the percentage of decline in sales revenue will be provided, up to a maximum of 75%.  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 contract to provide student transport services as they are hard-hit by the suspension of face-to-face classes in campus as instructed by the Government.

HKHS has made provision of about HK$100 million for this round of rent concession.  Since October 2019, HKHS had provided multiple rounds of rent concession for its commercial tenants, taken together with this latest round of rent relief, the accumulated rental income forgone is about HK$700 million.