RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Housing Authority transfers rates concession to tenants

Maximum total amount is estimated at $2.45b and $50m for domestic and non-domestic licensees.

The Housing Authority has moved to transfer rates concession to its licensees, estimated at a maximum of $2.45b and $50m for domestic and non-domestic tenants respectively.

According to a government press release, the rates concession will be transferred on a monthly basis over a 12-month period from April 2018 to March 2019. This will be done by offsetting an equivalent amount in the rent payable by them, subject to a ceiling of $2,500 per quarter for each rateable property.

The rates concession will apply to interim housing licensees and Comprehensive Social Security Assistance recipients.

"Similarly, the Commercial Properties Committee of the HA approved that the rates concession for the financial year of 2018-19 for the HA's non-domestic properties (excluding car parks) will also be passed on to the non-domestic tenants/licensees on a 'no loss, no gain' principle. Their monthly rates from April 2018 to March 2019 will be waived subject to the capping limit of $2,500 per quarter for each rateable property," the spokesman said.

For the HA's six single-operator markets viz. Ching Long, Kwai Chung, Lei Muk Shue, Tin Yan, Hung Fuk and Shui Chuen O, the operators will also pass on the rates concession to their licensees in full.

This will kick into effect on April 2018.

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