Henderson Land cuts rents by up to 60 per cent as Hong Kong issues SOS to support businesses, protect jobs
- Company offers to trim base rents by 20 to 60 per cent in response to government’s call to support local businesses
- Henderson will also allow education institutions to defer rents or pay them in instalments amid class suspensions
The developer, which owns retail space in more than 20 shopping malls across the city including IFC Mall in Central, will lower base rents for retailers, caterers and education institutions in its locations by 20 per cent to 60 per cent this month, it said in a statement on Thursday.
“The group is particularly concerned about the our tenants, medium and small business owners in particular, and hope the relief measures would help them power through the tough period,” it said. The landlord will also allow education institutions, including tuition centres and kindergartens affected by class suspensions, to defer or settle payments in instalments, it added.
The decision follows in the footsteps of industry peers and some of the city’s largest financial institutions, who have rolled out relief measures to mitigate the impact on local businesses. Government data this month may show more job losses as the viral outbreak led to a slump in retail sales and tourist arrivals amid border controls and quarantine measures.
