{"id":7673,"date":"2020-04-07T18:07:13","date_gmt":"2020-04-07T11:07:13","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=7673"},"modified":"2021-06-04T14:55:53","modified_gmt":"2021-06-04T07:55:53","slug":"hong-kong-retailers-plead-for-rental-assistance-from-reluctant-landlords","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/hong-kong-retailers-plead-for-rental-assistance-from-reluctant-landlords\/","title":{"rendered":"Hong Kong retailers plead for rental assistance from reluctant landlords"},"content":{"rendered":"

Who are already facing high tenant vacancy rates<\/span><\/span><\/p>\n

\"\"
Times Square, Hong Kong. saiko3p\/Shutterstock<\/figcaption><\/figure>\n

Retail News Asia<\/a> revealed that during the first quarter of the year, retailers have experienced a substantial decline in sales of around 50 to 80 percent, prompting tenants to request for rent relief from their landlords.<\/p>\n

Data published by global property firm Savills indicated that several shopping centre landlords have already provided 30 to 60 percent temporary financial assistance for tenants affected by the various crisis throughout the year, including the political protests and now the public health crisis.<\/p>\n

Nevertheless, there are still some mall landlords who are hesitant to offer rental assistance even though the number of tenant vacancies are rising.<\/p>\n

More: Hong Kong\u2019s co-living operators cut monthly rates by up to 50% amid the outbreak<\/strong><\/a><\/p>\n

The retail rents in Hong Kong dropped 14 percent quarter on quarter, averaging by about 43 percent year on year.<\/p>\n

\u201cA hardening local situation combined with lack of visibility is giving rise to a wide range of reactions to the current crisis from landlords and tenants,\u201d said Simon Smith, research and consultancy senior director at Savills.<\/p>\n

For those who did adjust their rental rates, he had this to say: \u201cThe lower rental costs will attract newcomers to the Hong Kong market, which, for too long, has changed the world\u2019s highest occupational costs.\u201d<\/p>\n

\u201cAs far as we can see, vacancies are expected to rise over the next six to 12 months, which will put more pressure on rents over the rest of the year<\/span><\/span>,<\/span><\/span>\u201d<\/span><\/span>\u00a0concluded\u00a0Nick Bradstreet, managing director at Savills.<\/span><\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Who are already facing high tenant vacancy rates<\/p>\n","protected":false},"author":9,"featured_media":20522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[171,528,248,675],"class_list":["post-7673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-hong-kong","tag-market-update","tag-retail","tag-shopping-malls","news_country-hongkong","news_author-property-report"],"acf":[],"yoast_head":"\nHong Kong retailers plead for rental assistance from reluctant landlords | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/hong-kong-retailers-plead-for-rental-assistance-from-reluctant-landlords\/\" 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