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Coronavirus

SHK Properties to cut February mall rents 30-50% due to virus

Hong Kong developer says size of discounts will depend on individual circumstances

SHK's New Town Plaza shopping mall in in Hong Kong: The property developer is giving its tenants a discount on rent for February.    © Reuters

HONG KONG (Nikkei Markets) -- Sun Hung Kai Properties said on Wednesday the company will lower the basic rents for February paid by tenants in its Hong Kong shopping malls by 30% to 50% to help ease the impact on their businesses from the deadly coronavirus epidemic.

The company, Hong Kong's most valuable property developer that owns about 12 million sq. feet of retail space in the city across a diverse portfolio of shopping malls, said it will lower the rents based on the circumstances of individual tenants, it said in a statement.

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