Emperor International rent reduction for individual properties

Emperor International (00163) executive director Yang Zhenglong stated that he has been maintaining communication with the tenants and currently offers individual retail tenants renting their properties several months of rent concessions, emphasizing that the adjustment is mainly based on the actual business conditions of the merchants

Emperor Yang Zhenglong (second from left) points out that individual retailers have now been given rent concessions for several months. The third from the right is Fan Minyu, executive director of Emperor International, and the second from right is Zhang Bingqiang.

The company’s interim results as of the end of September this year showed that rental income for the period was 513 million yuan, down 13.1% year-on-year

Yang explained that rental income recorded a decline, mainly due to the company’s sale of properties and the consolidation of tenants in Beijing projects.

In addition, he also said that companies generally postponed relocation or expansion plans, and office rents in core business districts are likely to fall in the next few quarters, but the company has no cases of abandoning rents.

Optimistic about the long-term advantages of Hong Kong luxury homes

The company’s executive director, Zhang Bingqiang, said that Hong Kong’s luxury residential supply is low, and that the relevant market has a long-term advantage. The company is actively increasing its land bank and tends to buy properties for reconstruction in the private market, which means that it is more in line with its development strategy.

As for the Group’s hotel business performance in Hong Kong, Yang Zhenglong said that due to the drop in tourists visiting Hong Kong, hotel rates and occupancy rates were adjusted downward by about 25%. He also pointed out that because it is not a five-star hotel as a positioning, when the economic environment worsens, I believe that its hotels are more resilient.


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