How Hong Kong conglomerates are helping fight the Covid-19 battle

One of Hong Kong’s biggest retail landlords is taking the pressure off tenants by waiving rent for companies impacted by the stringent restrictions. Swire will access retail rental partners on a case-by-case basis and provide rental relief through this challenging time. So far, the government has announced that bars, beauty and wellness centres, gyms and such will be forced into a mandated closure until at least by March 23, pending further review confirmed positive Covid cases. Swire is also offering up 7,000 to 10,000 hotel rooms or the community for isolation, including Novotel Citygate Hotel. The property giant is also donating 20,000 rapid testing kits to children in special residential childcare services to help facilitate the tracking of the virus. A while back, Swire also held a lucky draw with prizes valued at $5 million to promote vaccination. 

“In addition to offering some of our premises as quarantine and community isolation facilities, as well as vaccination and testing centres, we are continuing our collaborative approach with our tenant partners during these challenging times,” says Swire Properties' CEO, Tim Blackburn. 

As Hong Kong’s biggest lender, HSBC is donating $100 million to help low-income families, senior citizens, and the most vulnerable during the pandemic. Together with Bright Smart Securities, Futu, Ant Group and FT Life, HSBC has donated funds, testing kits, food, household items, and medicine since the fifth (and deadliest) pandemic outbreak. 

“We hope these donations can help make a difference to the people and societies we serve, now and in the future,” shares HSBC's global head of sustainable finance, Daniel Klier. 

Real estate titan New World Development is fighting the great fight with Prenetics as they donate over 200,000 test kits to underprivileged families since the fifth wave. The test kits will be sent to NGOs who will distribute to those who are most in need to alleviate the financial burden as the costs and access to tests may be burdensome for some.  

“Our group has always adhered to the spirit of Creating Shared Value (CSV). When the pandemic evolves, our community initiatives evolve with it. In the past, we have pioneered Hong Kong’s first smart mask dispenser to distribute face masks to the underprivileged and provided vaccination allowance to those in need," states New World Development's CEO Adrian Cheng. "As the pandemic takes a turn for the worse, we believe partnering with Prenetics will vastly lower the social burden on the much-needed testing facilities and amplify the social contribution of Hong Kong’s start-ups,” he adds.  

The multinational conglomerate is continuing its support of the anti-epidemic efforts with a donation of $250 million, including supplies like 250,000 self-test kits, food items, and financial support to underprivileged communities. The donations will be distributed by its subsidiaries, Hong Kong Land, DFI Retail Group, Po Leung Kuk and Foodlink. With its prime property portfolio mainly throughout Central, Hong Kong Land will also be offering rent relief to tenants to help them overcome the market challenges. So far, over $400 million in relief has been granted since 2020. 

“Jardine Matheson has deep roots in Hong Kong, and the well-being of its people is central to the city’s success and future growth. As a Group, we remain committed to Hong Kong and to support the local community during these very challenging times,” states Jardine Matheson's Group managing director, John Witt. 

EY’s Greater China Charity Foundation is stepping up as Covid-19 cases continue to soar in Hong Kong. To support the cause, EY is donating $500,000 in protective clothing to frontline workers and volunteers and $1 million in rapid test kits to the needy. 

“In these highly challenging times, unity and faith are particularly important. We believe that our contribution will join forces with the good deeds of various community groups to support Hong Kong in the fight against the pandemic. Together, we will overcome it,” shares EY China regional managing partner, Jack Chan.