Miramar Hotel & Investment (0071) chairman and chief executive Lee Ka-shing, said the occupancy rate of hotels was only 20 percent at its worst and the rent has plunged by 50 percent.
Speaking at the annual general meeting, Lee said the business performance has improved, compared with the past three months.
The group has provided a rental discount of 10-50 percent for tenants from eight months ago.
The mpact from the office rental drop was small, he said. Overall rents of the group only fell by about 10 percent.
He emphasized the group has no plan to sell the travel business.
When the media asked Lee about the family raising their shareholding in the company, he said they have confidence in the company.
