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Hong Kong Housing Authority approves extension of rent concessions for eligible non-domestic tenants
The following is issued on behalf of the Hong Kong Housing Authority:
     The Hong Kong Housing Authority (HA)'s Commercial Properties Committee (CPC) today (December 22) approved the further extension of the existing 75 per cent rent concessions for the HA's eligible non-domestic tenants/licensees and carpark users for monthly parking of commercial vehicles, for six months from January 1 to June 30, 2023.

     The CPC also approved that during the extended rent concession period, eligible tenants/licensees of the HA's non-domestic premises may continue to apply for 100 per cent rent concessions for the period during which their operation at the premises concerned is required to be closed under anti-epidemic regulations or directions of the Government.

     "On October 19, 2022, the Chief Executive announced in 'The 2022 Policy Address' measures to provide further support for small and medium-sized enterprises. One of the measures is to continue providing 75 per cent rental or fee concessions currently applicable to eligible tenants of government premises and eligible short‑term tenancies and waivers under the Lands Department for six months from January 1 to June 30, 2023. In line with the Government's measures, the HA approved the further extension of rent concessions for its eligible non-domestic tenants," a spokesman for the HA said.
     The spokesman pointed out that the same arrangements and coverage as the HA's existing rent concessions for eligible non-domestic tenants will continue to apply during this round of extended rent concessions. The grant of rent concessions for supermarkets/superstores, convenience stores, personal stores and fresh/chilled/frozen food stores will continue to be subject to tenants' application and production of a proof of sales drop in order to safeguard the efficient use of the HA's resources.
     "To assist small businesses, the said requirement 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 non-domestic tenants/licensees," he said.
     The HA will continue to adopt a flexible approach in dealing with tenancies which expire before the end of the extended rent concession period as a transitional arrangement.
     "To enable tenants to continue their use and occupation of the premises upon the tenancy expiry, licences will be granted at the existing rent pending agreement to the new rent for the new tenancies," he said.
     It is estimated that around 8 700 of the HA's non-domestic tenants/licensees, including about 2 600 retail tenants/licensees; tenants/licensees of about 1 230 factory tenancies/licences; tenants/licensees of some 80 advertising signboards and some 40 tenancies of bus kiosks; and about 4 700 carpark users, will benefit from the extension of rent concessions.
      The CPC has earlier approved multiple rounds of rent concessions for the HA's eligible retail, factory and non-domestic tenants, following the Government's measures to support enterprises and relieve people's financial burden.
     The rent foregone for this extension of the 75 per cent rent concession for six months is estimated to be around $719 million.
     The total rent foregone for rent concessions granted by the HA to its eligible non-domestic tenants/licensees for the 45-month period from October 1, 2019, to June 30, 2023, is estimated to be around $4,720 million.
Ends/Thursday, December 22, 2022
Issued at HKT 14:20
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