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Source: Hong Kong Information Services

The Government today announced that applications from 18 large property management companies for the second tranche of the Employment Support Scheme have been approved, involving $974 million in wage subsidies to maintain a paid headcount of 41,013.

The companies concerned have also undertaken to give back at least 80% of the subsidies to owners or owners’ corporations of the residential properties under their management.

The Government introduced new requirements under the second tranche of the scheme, targeting two large supermarket chains and major property management companies that have not been affected by the COVID-19 pandemic.

The property management companies applying for the subsidies are required to undertake to give back at least 80% of the amount equivalent to the subsidies to residential property owners and submit their give-back proposals to the Policy Innovation & Co-ordination Office.

All the proposals submitted by the 18 large property management companies complied with the principles set out by the Government and were approved.

Among the proposals, some companies indicated that they will also give back to non-residential property owners and some committed to give back an amount which is equivalent to more than 80% of the subsidies.

The scheme secretariat has sent emails and SMS texts to notify these companies of their successful applications and will arrange disbursement of the wage subsidies.

The 18 companies received a total amount of $510 million in wage subsidies for residential properties under their management in the first tranche of the scheme. Based on such a calculation, their approved give-back proposals under the second tranche amount to about $440 million, representing about 86% of the subsidy amount relevant to the residential properties.

Around 1,500 residential buildings or buildings with residential units will benefit from the give-back proposals, the Government said.

Following the arrangements under the first tranche, the Government will upload the list of employers who have received wage subsidies under the second tranche, the amount of subsidies received and their committed headcount of paid employees.

Property owners may obtain information on the property management companies which are granted subsidies from the scheme’s website.

MIL OSI Asia Pacific News