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Rent concession extension approved

The Housing Authority's Commercial Properties Committee today approved the extension of the rent concession for eligible non-domestic tenants or licensees and carpark users for the monthly parking of commercial vehicles.   The extension will last for another six months from July 1 to December 31, with the concession amount reduced from 75% to 50%.   The move ties in with the latest relief measures announced by the Financial Secretary in February to ease the operating pressure of businesses.   The authority said the same coverage endorsed by the committee earlier will continue to apply during this round of extension.    The grant of rent concessions for supermarkets or superstores, convenience stores, personal stores and fresh, chilled or frozen food stores up to a maximum of 50% will be subject to tenants' applications and production of proof of sales drops.    To assist small businesses, shop premises let to individuals will continue to enjoy the 50% concession.   In view of the positive outlook of Hong Kong's economy on the recovery path to normalcy, the transitional arrangement in dealing with the tenancy renewal of retail and factory tenancies will cease from July 1. Normal tenancy renewal arrangements will resume and monthly licences at existing rents will no longer be granted.   The authority estimates that around 8,200 non-domestic tenants or licensees will benefit from the extension.     The rent it has foregone for this round of extension is estimated to be around $496 million, while the maximum total rent foregone from October 2019 to December 2023 is estimated to be around $5.22 billion.
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