The following is issued on behalf of the Hong Kong Housing Authority:
 
     The Hong Kong Housing Authority's (HA) Commercial Properties Committee (CPC) has today (October 14) approved passing on the enhanced rates concession for the third and fourth quarters of 2020/21 to the HA's non-domestic tenants/licensees.
 
      "The novel coronavirus epidemic has brought exceptional challenges to Hong Kong. On September 15, 2020, the Government announced the introduction of the third round of the Anti-epidemic Fund to assist industries and people affected by the epidemic and help enhance Hong Kong's anti-epidemic capabilities. One of the measures is to provide an enhanced rates concession to non-domestic properties for the third and fourth quarters of 2020/21 by increasing the exemption ceiling from $1,500 to $5,000 per quarter for each rateable non-domestic property," a spokesman for the HA said.
 
     "On March 20, the CPC approved the arrangements for passing on the rates concession for the four quarters of 2020/21 to the HA's non-domestic tenants/licensees (excluding carpark users) on a 'no loss no gain' principle, subject to a ceiling of $5,000 per quarter in the first two quarters and a ceiling of $1,500 per quarter in the remaining two quarters for each rateable non-domestic property," the spokesman added.
 
     "The CPC today approved the adoption of the same arrangements to pass on the enhanced rates concession for the third and fourth quarters of 2020/21 to the HA's non-domestic tenants/licensees (excluding carpark users), subject to a ceiling of $5,000 per quarter for each rateable non-domestic property," he said.
 
     The arrangements are applicable to the HA's retail and welfare premises, single-operator markets (SOMs) and factories, totalling about 13 300 tenancies/licences, but excluding carparks.
 
     For the HA's 12 SOMs, the operators will also pass on the rates concession to their licensees in full.
 
     "Based on the latest data provided by the Rating and Valuation Department and subject to a ceiling of $5,000 per quarter for each rateable non-domestic property, the total amount of enhanced rates concession for the HA's non-domestic properties (excluding carparks) for the third and fourth quarters of 2020/21 is estimated at around $38.9 million, which will be passed on to tenants/licensees on a 'no loss no gain' principle," the spokesman said.

Ends/Wednesday, October 14, 2020
Issued at HKT 15:15

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