Press Release

Housing Society Further Extends Rent Concession for Commercial Tenants

The Hong Kong Housing Society (HKHS) announced today (30 September) that, with the approval from its Executive Committee, rent concession of up to 75% will be extended to support more than 400 eligible commercial tenants of HKHS for three months from 1 October 2022 to 31 December 2022, in the hope of helping to alleviate the pressure on businesses.  This is the seventh round of rent concession implemented by HKHS for its commercial tenants.

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 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.

HKHS has set aside about HK$42 million for this round of rent concession.  Since October 2019, HKHS 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.