Hong Kong shops struggle with virus, landlords and political unrest
As economy shrinks, retailers plan a second strike for deeper and longer-term rental cuts
01 March 2020 - 17:06
Hong Kong — Retailers in Hong Kong have launched themselves into a rare battle with the city’s notoriously unflinching landlords for deeper and longer-term rental cuts as they reel from the double whammy of the coronavirus and months of political unrest.
Given the pressures, retailers are pushing to temporarily lower their rents in leases that are structured around a minimum fixed charge called base rent, or a percentage of store sales known as turnover rent, whichever is higher...
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