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Written by: Zhang Jiamin
2021-03-22 15:48
Last update date: 2021-03-22 15:49
According to the Housing Authority, the Subsidized Housing Committee has approved the ceiling of the allowance for each rateable property at $1,500 per quarter for the first two quarters from April 2021 to March 2022, and the following two quarters. There is a ceiling of $1,000 per quarter, and the government's rates allowance is offset from the rent payable by residential tenants on a monthly basis.
The Hong Kong Housing Authority stated that it will begin transferring the rates concessions to tenants in April this year.
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According to the Housing Authority, the Housing Department will start from April 2021 until March 2022. For a period of 12 months, the allowance for each rateable property will be capped at $1,500 per quarter for the first two quarters. In the next two quarters, with a ceiling of $1,000 per quarter, the government's rate allowance will be offset from the median rent payable by residential tenants on a monthly basis, and all will be transferred to them.
As the lease term does not cover the entire month of the lease, the amount of the vested allowance will be calculated on a pro rata basis.
The rent-offset arrangement includes the holders of the interim housing temporary rent permit who pay the provisional permit fee, and CSSA recipients.
The total amount of rates concessions transferred by the Housing Authority to residential and non-residential tenants/provisional tenancy permit holders is estimated to be up to approximately RMB 2.376 billion and RMB 61.5 million respectively (information picture)
Regarding tenants of non-residential buildings, the Commercial Building Subcommittee of the Housing Authority passed the principle of "no gains or losses" to transfer the rates concessions for non-residential buildings of the Housing Authority, excluding car parks, to its subordinates Non-residential building tenants or provisional permit holders.
They can receive monthly rates waiver from April 2021 to March 2022. The first two quarters will be capped at $5,000 per quarter for each rateable non-residential property, and the next two quarters will be subject to each class Rates for non-residential properties are capped at $2,000 per quarter.
In addition, the 13 overall tenant market tenants under the Housing Authority will also transfer all the rates concessions to stall tenants holding their provisional permits.
The total amount of rates concessions transferred by the Housing Authority to residential and non-residential tenants/provisional tenancy permit holders is estimated to be up to approximately RMB 2.376 billion and RMB 61.5 million, respectively.
The Housing Department will individually notify residential and non-domestic tenants/provisional tenancy permit holders of the specific arrangements.
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