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Housing Society Extends Rent Concession Measures Again for 3 Months

2022-09-30T03:54:03.144Z

The Hong Kong Housing Society (HKHS) announced today (30th) that its Executive Committee has approved another extension of rent concessions up to 75% to over 400 eligible tenants for a period of 3 months from 1 October 2022



The Hong Kong Housing Society (HKHS) announced today (30th) that its Executive Committee has approved another extension of rent concessions up to 75% to over 400 eligible tenants for a period of 3 months from 1 October 2022 To December 31, 2022, to support the merchants under its jurisdiction and reduce their operating pressure.

This is also the seventh time that the Housing Society has introduced rent concession measures for tenants.

The Housing Society first provides 50% rent concessions to eligible merchants. If the sales of the merchants drop by more than 50% compared with the same period last year, and provide financial proof to the Housing Society, they will be able to receive additional rent concessions based on the percentage of the decline. The upper limit is 75%.

As for eligible tenants who have been ordered to suspend business during the above-mentioned period due to the government's anti-epidemic measures, as well as monthly tenants of commercial school buses affected by the government's measures to suspend face-to-face classes, they can also apply to the Housing Society for rent relief in full during the relevant period.

75% cap on rent concessions

The Housing Society has set aside about $42 million for this rent reduction.

Since October 2019, the Housing Society has launched several rounds of rent concessions for its tenants. Together with this measure, it is estimated that a total of more than 700 million yuan in rental income will be reduced.

The Hong Kong Housing Society has once again extended the rent concessions to more than 400 eligible businesses under its jurisdiction, capped at 75%, for a period of three months.

(file picture)

The two-year lock-up period was loosened, and the first two-bedroom transaction was recorded in Cui Lingfeng. The value of the unit increased by 31% in 4 years. HK$2,872 per sq. ft. HKHS Kai Tak Land premium at HK$4.6 billion per sq. ft. $4,558 per sq.

Source: hk1

All news articles on 2022-09-30

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