HONG KONG (BLOOMBERG) - Retailers everywhere are feeling the pinch from the pandemic, though none quite as much as shop owners in Hong Kong like Don Leung.. Read more at straitstimes.com.
HONG KONG - Retailers everywhere are feeling the pinch from the pandemic, though none quite as much as shop owners in Hong Kong like Don Leung.
According to the Hong Kong Retail Management Association, which represents more than 9,000 companies, almost half of its members surveyed have received legal letters from their landlords for delayed payments. The group has warned that one in four shops may close this year without substantial support.
OTHER NATIONS Wharf, a developer with revenue of HK$16 billion last year and a market value of HK$95 billion, said it extended HK$1 billion to tenants in the first half of this year. The company declined to comment on G2000, citing confidentiality agreements. FLAT NO Tommy Cheung, a member of Ms Lam's advisory council, said she responded with a"flat no" when he suggested she provide more support for restaurants and other retailers. He's proposing the government pay two months' rent for tenants who have lost more than 30 per cent of their revenue, and legislate that landlords provide an additional two months' relief.
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