Retail in Asia


Swire Properties offers rental waiver to retail tenants in Pacific Place and Cityplaza

In an unprecedented move for a landlord in Hong Kong, Swire Properties announced on 25th February a series of measures to further strengthen its response during the current fifth wave to support retail tenant partners in Pacific Place and Cityplaza, the company’s wholly-owned shopping malls.

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These include a rental waiver to tenants under scheduled premises who have had to close due to the Government’s pandemic measures during the fifth wave. The rental waiver will cover the onset of the Government mandated closure period until 20th April 2022.

Swire Properties is offering to support F&B tenants who have been dealt a hard blow, with reduced traffic through their premises. The Company will also offer tailored support on a case-by-case basis, to the extent of charging only turnover rent in some cases, and will continue to work closely with their tenants to offer assistance.

In addition, various promotional campaigns, ranging from shopping and dining rewards and discount vouchers to the extension of free parking offers and takeaway promotions, will continue.

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

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Swire Properties has been the most supportive and pro-active landlord since the protests. It was one of the first landlords to offer rental concessions to their tenant partners in 2019. The new announcement is a huge relief for the retailers & F&B players.