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The following is issued on behalf of the Hong Kong Housing Authority:
The Hong Kong Housing Authority (HA) will pass on the rates concession for the first and second quarters of 2014-15, as set out in the Budget Speech of the Financial Secretary in February, to its domestic and non-domestic tenants starting from April.
"Following approval by the Subsidised Housing Committee of the HA, the apportioned amount of rates concession will be transferred to the domestic tenants on a monthly basis from April 2014 to September 2014 by offsetting an equivalent amount in the rent payable by them," a spokesman for the HA said today (March 28).
For tenancies that do not cover the entire month, the transfer of the rates concession will be made on a pro-rata basis.
"The rates concession passing-on arrangement will apply to all domestic lettings including interim housing licensees and Comprehensive Social Security Assistance recipients," the spokesman said.
"Similarly, the Commercial Properties Committee of the HA approved that the rates concession for the first two quarters will also be passed on to the non-domestic tenants/licensees on a 'no loss, no gain' principle. They are exempted from paying the monthly rates from April 2014 to September 2014 subject to the capping limit of $1,500 per quarter for each rateable property," the spokesman said.
For the HA's four single-operator markets in Ching Long, Kwai Chung, Lei Muk Shue and Tin Yan Estates, the operators have agreed to pass on the rates concession to their licensees in full.
"Given the small amount of rates concession to individual car park users and the significant administrative costs involved for its transfer to these users, the Commercial Properties Committee of the HA endorsed the exclusion of car parks from the exercise in line with all the previous rates concession exercises. The rates concession for car parks received by the HA would be invested in enhancing the HA's car park facilities, such as the installation of electrical vehicle charging facilities in suitable sites," the spokesman said.
The maximum total amount of rates concession to be passed on to domestic and non-domestic tenants/licensees by the HA is estimated to be about $972 million and $16 million respectively. They will be individually informed of the arrangements.
Ends/Friday, March 28, 2014
Issued at HKT 15:00
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