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Landmark owner Hongkong Land to waive rents for tenants subject to mandatory Covid-19 closures by government
- Firm hopes to alleviate hardships faced by businesses and communities, CEO says
- Hongkong Land has also injected US$1.9 million into fund for helping youth and those facing housing issues
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Hongkong Land, which owns the high-end shopping centre Landmark in Hong Kong’s Central business district, said on Thursday that it will fully waive rents for tenants subject to mandatory closures imposed by the government to stop the spread of Covid-19 in the city.
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Tenants from the food and beverage (F&B) sector will only pay turnover rent for a six-month period ending June 30, 2022, the company said.
“We hope that we can contribute to alleviating the hardships faced by businesses and communities,” said Robert Wong, Hongkong Land’s CEO.
Last month, other commercial landlords such as Swire Properties announced relief measures for tenants after Financial Secretary Paul Chan Mo-po said small and medium-sized enterprises (SMEs) in more than 19 sectors, including catering and retail, will be allowed to delay rent payments from January for up to six months under a planned law.
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The rent relief plan proposed by Chan could, however, already be facing obstacles. The financial secretary had already watered down his original proposal on Monday, halving a protection period during which landlords will not be able to evict tenants for failing to pay rent.
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