Swire Properties to offer rent waivers to Cityplaza, Pacific Place retail tenants

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Waivers to run from beginning of government-ordered closures until April 20, part of ongoing tailored approach to assisting tenants affected by pandemic measures, company says

Financial Secretary Paul Chan Mo-po said on Thursday that city plans to allow small businesses in more than 19 sectors to waive rents for up to six months

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Social-distancing measures to restrict the spread of the latest variant of Covid-19 have severely restricted foot traffic at restaurants and forced retailers to close, prompting Swire Properties, the landlord at Pacific Place, to announce a rent waiver for retail tenants. Photo: May Tse

Chad Bray

Published: 9:55pm, 25 Feb 2022Updated: 10:24pm, 25 Feb 2022

Swire Properties, one of Hong Kong’s biggest retail landlords, said on Friday that it would waive rents for retail tenants forced to close because of emergency restrictions designed to stop the spread of the coronarvirus in the city.

The announcement came a day after Financial Secretary Paul Chan Mo-po said small and medium-sized enterprises (SMEs) in more than 19 sectors, including catering and retail, would be allowed to delay rent payments from January for up to six months under a new planned law.

Swire said it would offer full rental waivers to tenants forced to close in its wholly-owned shopping malls, Cityplaza and Pacific Place, from the onset of government-mandated closures until April 20.

“We are giving our full support to the HKSAR government’s anti-pandemic measures to help ride out the fifth wave of Covid-19,” Swire Properties CEO Tim Blackburn said.

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“In addition to offering some of our premises as quarantine and community isolation facilities, as well as vaccination and testing centres, we are continuing our collaborative approach with our tenant partners during these challenging times.”

Swire said it was also offering support to food and drink tenants who are facing reduced foot traffic and tailored support to other tenants on a case-by-case basis.