Hong Kong’s financial secretary Paul Chan Mo-po called for concerted efforts from the government and landlords to offer more relief measures and rent reductions to help Hong Kong’s retailers.
Chan said that rail operator MTR Corp and some shopping mall owners have come up with proposals — ranging from promotional activities to temporary rent adjustments — to help the city’s struggling retailers cope with four months of protracted social unrest.
MTR said it will subsidise rents on a proportional basis to tenants when rail stations are forced to close. Landlord Links Property said it would solicit information from stores that close due to protests to find out what they need to stay in business.
The government unveiled a package of relief measures worth $2.44 billion in August for small and medium-sized enterprises.
Annie Tse Yau On-yee, chairwoman of Hong Kong Retail Management Association, said most of local retailers’ costs have always come from rents but most landlords in Hong Kong are still reluctant to agree to rent reductions.
CHINA DAILY
