HK's Sun Hung Kai Properties cuts Feb rent by up to 50% for most retail tenants

MTR

12/02/2020 10:53

HONG KONG, Feb 12 (Reuters) - Some shopping mall landlords
in Hong Kong, including Sun Hung Kai Properties  0016.HK , the
city's largest property developer by value, are offering relief
measures such as rental concession to their tenants during the
coronavirus outbreak.
    Sun Hung Kai Properties, who owns major malls in some of the
local districts that host international fashion brands ranging
from Coach to Zara  ITX.MC , said on Wednesday it would reduce
February rent by 30-50% for most of its tenants, in an effort to
stabilize economy and protect employment.
    MTR Corp  0066.HK , who runs malls on top some of its subway
stations, said it will adjust rent for small-medium companies.
For its chain and international brand tenants, it will launch
relief measures after collecting their sales data.
    Link Real Estate Investment Trust  0823.HK , whose tenants
are mostly small to medium businesses, also said it has set up a
HK$80 million relief scheme, which includes allowing rent
payment by instalments, waiving late payment interest and
service charges, granting rent-free periods and reducing rents. 
  
    Hong Kong's retail sector, already battered by months of
often violent anti-government protests, is likely to get worse
in coming months as a new coronavirus outbreak in mainland China
has emptied shopping centres and closed down tourist
attractions.  urn:newsml:reuters.com:*:nL4N29T19L
    Separately, Sun Hung Kai Properties said home sales and
hotel occupancy rates have been affected by the epidemic.    
    

 (Reporting by Clare Jim; Editing by Louise Heavens)
 ((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters
Messaging: clare.jim.thomsonreuters.com@reuters.net))