Allan Zeman says he’s open to cutting rents to help Hong Kong businesses get through protest turmoil
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Prominent Hong Kong businessman Allan Zeman, who has made his name famous through high-end restaurants and is a significant landlord in Central, says he is open to cutting rents to help tenants survive the protests that have rocked the city.
Business for some restaurants is off by as much as 40 per cent, estimated Zeman, who said he remains bullish on the city’s future despite the grim economic toll that the US-China trade war and months of protests have taken on its economy.
Retail outlets have been hit even worse due to their greater exposure to mainland Chinese tourism, Zeman noted in a wide-ranging interview with the SCMP. He added that the slide began before the protests, but has worsened since they started in June.
“In general, there’s been a huge fall in foot traffic. People tend to stay home more because of the protests,” he said.
The protests began when the government introduced a bill allowing for extraditions to China, which was met with a peaceful protest that had an estimated two million marchers – a figure he disputes. Protests have since widened to other grievances, including the lack of affordable housing in the city.