Commercial Rent Concessions Extended for Another 3 Months

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Commercial Venues, Carparks Granted Rent Concession for Another 3-Month Period

A government press release has announced that the Commercial Properties Committee of the Housing Authority has approved another round of rent concession for eligible tenants or licensees at non-domestic properties, and monthly commercial vehicle carparks. Tenants will need to undergo an application process and be able to prove that they have suffered from a drop in sales.

Beginning Oct. 1, the scheme will allow the aforementioned tenants to apply for full rent concession should their venue had to cease operations due to government anti-epidemic regulations or instructions. The grace period lasts until Dec. 31, 2022.

On the approval of businesses of convenience stores, independently run businesses, and fresh or chilled food shops as part of the schemes, a Housing Authority spokesperson says: “To assist small businesses, this requirement (of having its operations been temporarily ceased) is not applicable to shop premises let to individuals; and all shopstalls irrespective of whether they are let to companies or individuals. In other words, tenants/licensees of these premises will continue to enjoy the 75 per cent rent concession in the same way as other eligible HA's non-domestic tenants/licensees."

It is estimated that up to 2,600 retail premises, 1,380 factories, 40 bus kiosk tenants, 4,400 carpark users, and 80 advertising signboards will benefit from the scheme. The projected cost is HK$352 million.

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