Evictions loom for HongKong retailers with little rent relief
The letters usually demand tenants pay rent and interest as soon as possible, otherwise the landlord can terminate the contract and seize the deposit. In cases where tenants are unable to pay for a prolonged period, they could be evicted, said Peter Shiu, a legislator representing the wholesale and retail industry.The pain extends to big companies too.
Pleas from retailers and their industry association for extended help have largely been ignored, though some developers provided rent breaks of 10 per cent to 50 per cent starting in February. That's in contrast to other developed economies. Retailers in the US have been able to cushion the blow with US$40.4 billion in federal aid, while Singapore and the UK have programmes in place to prevent eviction.
Mr Cheung said Ms Lam has called the landlords and urged them to get on board and give reductions before"all hell breaks loose". The four biggest developers - CK Asset Holdings, Sun Hung Kai Properties, New World Development and Henderson Land Development - own everything from the city's most expensive skyscrapers to supermarket chains and electricity suppliers.
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