URA extends rent relief period for tenants
In view of the severe impact brought by COVID-19 pandemic to the economy of Hong Kong, the Urban Renewal Authority (URA) announces today (21 August 2020) to extend the rent relief for its domestic and commercial tenants in its properties, as well as the commercial tenants in its joint ventured shopping malls, for another three months.
The URA’s rent relief measures announced earlier for the months from April 2020 till the end of September, will be continued until the end of December 2020 in a bid to assist URA’s tenants in the face of current economic challenges and support employment over difficult times.
The relief measures will continue to benefit the tenants with details as follows:
- 75% rent relief for a total of 350 households in the rehousing blocks and the acquired properties within URA’s redevelopment projects.
- 75% rent relief for some 90 commercial tenants operating in the commercial portions of 12 redevelopment, preservation and revitalisation projects that are solely-owned by the URA.
- For about 280 commercial tenants in the seven shopping malls1 jointly operated by the URA and joint venture developers, the URA will continue to discuss with the developers on the rent relief measures that could be applied to them. Different magnitude of the percentage of relief will be applied to different trades, with up to a reduction of 75% from the original rent.
Subject to the development of the pandemic and the impact on the domestic and commercial tenants in its projects, the URA will review the need for a further extension of the relief measures, if necessary, to help the tenants sustain their businesses.
1 The seven shopping malls jointly operated with the joint venture developers include: Citywalk (Tsuen Wan Town Centre Project), Citywalk 2 (Yeung Uk Road Project), Lee Tung Avenue (Lee Tung Street / McGregor Street Project), THE FOREST (Sai Yee Street Project), Park Summit (Pine Street / Anchor Street Project), Park Ivy (Fuk Tsun Street / Pine Street Project) and Vista (Fuk Wing Street / Fuk Wa Street)