URA Provides Further Rent Relief Measures for Tenants

The Urban Renewal Authority (URA) announces today (29 June 2023) that it will provide a further extension of rent relief for domestic and commercial tenants in its properties for another three months, from July 2023 to the end of September 2023, in a bid to support its tenants during the post-pandemic economic recovery period. 

Since April 2020, the URA has provided rent relief measures for its tenants. The cumulative value of earlier rent concessions, together with the budget earmarked for the upcoming round of rent relief, is estimated to be approximately HK$267 million.

Taking into consideration that social life and the economy are gradually returning to normal, and the business performance of the tenants in general is steadily improving, the URA has formulated the latest round of rent relief measures that will cover about 1,300 domestic and commercial tenants. The details are as follows:

• A 50% rent reduction will be offered to about 870 domestic and commercial tenants in the URA’s rehousing blocks and acquired properties in its redevelopment projects;
• A maximum of 50% rent reduction will be offered to about 120 tenants operating in commercial rental properties in the URA’s redevelopment, preservation and revitalisation projects according to the rent-to-sales ratio.    
• For the approximately 280 commercial tenants in the seven shopping malls^[1]that the URA operates with joint venture developers, rent relief measures targeting different trades will be arranged through discussions between the URA and the developers; and
• For the Central Market and Western Market, the respective main operators responsible for leasing and venue management of the premises will consider providing an appropriate level of rent relief to individual tenants based on their business performance.

Through the rent relief measures, the URA hopes to provide target businesses with the most appropriate assistance to support their recovery in the current economic situation.

(ENDS)