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The following is issued on behalf of the Hong Kong Housing Authority:
The Housing Authority (HA) will pass on the rates concession of about $13 million to its non-domestic tenants early next year.
The Chief Executive announced in his Policy Address on October 10, that the rates for the last quarter of 2007/08 would be waived, subject to a ceiling of $5,000 for each rateable tenement. The spokesman for the HA said today (December 6) that the Commercial Properties Committee of the HA had endorsed passing on the rates concession to non-domestic tenants and licensees.
"All tenants and licensees of retail, factories and welfare premises will benefit from this rates rebating exercise. About 6,200 of them who are paying exclusive rents will be waived the rates payable from January to March 2008," the spokesman said.
"In addition, there are about 6,100 tenants and licensees paying inclusive rents. The rates concession will be passed on to them over the three-month period by offsetting an equivalent amount of rent or licence fee each month," he added.
For the three single-operator markets that are still managed by the HA, namely Kwai Chung, Lei Muk Shue and Tin Yan, the operators have agreed to pass on the rates concession to their licensees in full.
This is the second rates concession granted by the Government within the current financial year. The rates for the first two quarters of 2007/08 were waived as announced by the Financial Secretary in his Budget Speech in February.
Ends/Thursday, December 6, 2007
Issued at HKT 15:00
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