Rent cuts on the way from Hang Lung Properties

Hang Lung Properties (0101) has followed other mainland companies in halving rents for mainland mall tenants during the three weeks to February 14, and will extend the rent reduction measures in Hong Kong. The company is to dish out 10 million yuan (HK$11 million) to establish a fund to help Hong Kong and the mainland tackle the Wuhan virus. Local developer Henderson Land Development (0012) and Sun Hung Kai Properties (0016) say they will offer rental relief and help for their tenants.

Meanwhile, Guangzhou R&F Properties (2777) said contracted sales in January shrank 10.3 percent year-on-year to 6.18 billion yuan, with the total gross floor area sold dropping 4.6 percent to 534,500 square meters.

Contracted sales at China Jinmao (0817) last month rose 1.9 percent year-on-year to 10.51 billion yuan and contracted GFA sold surged 43.2 percent year-on-year to 577,000 sq m. Property sales rose by 85.3 percent to 7.16 billion yuan by the end of January. KWG (1813) said its contracted sales in January rose 1.2 percent year-on-year to 5.1 billion yuan but total pre-sale GFA declined by 10.6 percent year-on-year to about 279,000 sq m.