Wednesday, September 23, 2020
Martin Hennecke

Businesses granted more rates relief
Hong Kong's government yesterday said it would provide rates concessions of up to HK$5,000 per quarter to non-domestic tenements. The news came as Cyberport launched an additional six-month rental concession for its commercial tenants and start-ups. For the third and fourth quarters of 2020/21, the rates reduction ceiling has been raised from HK$1,500 per unit to HK$5,000 per quarter. The enhanced rates concession will apply to all 258,000 non-domestic tenements, totalling HK$1.2 billion. In the 2020/21 budget the government said it would provide rates reduction to non-domestic tenements of up to HK$5,000 in the first two quarters and up to HK$1,500 in the last two quarters. Separately, Cyberport will grant a 75 percent rental concession for office tenants, retailers, and restaurant operators, as well as Smart-Space users in Cyberport's main campus and in Tsuen Wan. From next month to March 31, 2021, tenants can enjoy rent reduction for an additional six months. The upper limit of the favoured lettable area is 5,000 square feet. A total of 760 firms and start-ups are expected to benefit from the program. Cyberport had earlier launched two rounds of rent relief lasting a year in total. It reduced rents by half from last October to March and the relief was extended for six months from April with the discount expanded to 100 percent.
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