URA Extends Rent Relief Period for Its Tenants

The Urban Renewal Authority (URA) announces today (31 March 2023) the extension of rent relief measures for its domestic and commercial tenants for another three months, from April 2023, to the end of June 2023.  The measure is to provide continuous supports to business and domestic occupants during the current period of post-pandemic economic recovery. 

The URA has been implementing rent relief measures for its tenants since April 2020.  The cumulative value of rent concessions provided thus far, together with the budget earmarked for the upcoming round of measures, will amount to around HK$259 million.

This round of rent relief will cover around 1,100 domestic and commercial tenants.  The measures include:

• 75% rental reduction for approximately 680 domestic and commercial tenants in the URA’s rehousing blocks and acquired properties in redevelopment projects;
• Three levels of rental reduction will be offered for around 170 tenants operating in the commercial portions of redevelopment, preservation and revitalisation projects.  The percentage of rental reduction for each tenant will be determined by the monthly business turnover and the rent-to-sales ratio (up to a maximum of 75% rental reduction);
• With regard to around 280 commercial tenants operating their businesses in the seven shopping malls[1] that the URA operates with its joint venture developers, the URA will discuss with these developers to determine the appropriate measures for different trades; and
• For Central Market and Western Market, the respective main operators responsible for the leasing and venue management of the premises may consider providing an appropriate level of rent relief to individual tenants based on their business performance.

The actual rental reduction for eligible tenants will be reflected in subsequent debit notes. 

The URA hopes that the above relief measures will provide effective and appropriate assistance for target businesses while reinforcing and boosting the revival of the economy.

(ENDS)