Hong Kong government announces halving rent for tenants of EcoPark to boost economy hit by US-China trade war and months of political unrest

The Hong Kong government has announced it will cut rents for all tenants of EcoPark by half as part of a series of measures to boost the city’s faltering economy, hit by the US-China trade war and months of political unrest.

Secretary for the Environment Wong Kam-sing announced the measure at a groundbreaking ceremony for a new plastic recycling facility at EcoPark in Tuen Mun on Tuesday. The rent cut will take effect from October 1 and will last for six months.

“The government cares about the green industries. The rent cut supports the relief measures announced by the secretary for finance, which include a variety of ways to support businesses in Hong Kong,” Wong said after the ceremony.

However, he did not disclose how much rent the government would lose from the measure, or if the plan would continue even beyond six months.

Wong also did not directly mention the ongoing anti-government protests as a cause for slowing the economy, choosing to just cite “local and international economic effects”.

In August, Secretary for Finance Paul Chan Mo-po announced a HK$19.1 billion (US$2.4 billion) relief package, including help for small businesses and student subsidies, as the city’s growth forecast was downgraded to 0 to 1 per cent.