Housing Society Launches the Eighth Round of Rent Relief for Commercial Tenants
The Hong Kong Housing Society (HKHS) announced today (16 December) 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 six months from 1 January 2023 to 30 June 2023, in the hope of alleviating the pressure on businesses so they could continue to serve the residents. This is the eighth round of rent concession implemented by HKHS for its commercial tenants.
Eligible commercial tenants will be granted 30% rent waiver unconditionally. For those who show proof of drop in sales revenue exceeding 30% compared to the same period in 2021, 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 around HK$46 million for this round of rent concession. Since October 2019, HKHS has offered multiple rounds of rent concession for its commercial tenants, and the total rental income forgone has accumulated to about HK$740 million.