SINGAPORE (June 18): The manager of Mapletree North Asia Commercial Trust (MNACT) says that the loss of retail and office revenue during Festival Walk’s closure in Hong Kong will be covered under insurance policies.
The policies will also cover the cost of damage sustained to the property.
The Kowloon Tong property was closed from Nov 13, 2019, following the spilling over of clashes between Hong Kong protestors and police, where protestors set fire to the office lobby, as well as the Christmas tree in the mall on Nov 12, 2019.
See: MNACT falls 4.9% as Hong Kong protestors torch key asset Festival Walk
See also: MNACT continues to slide as Festival Walk mall in Hong Kong remains closed after 'extensive damage', and MNACT's Festival Walk mall to stay shuttered until 2020; manager to top-up distributable income
According to an update on Wednesday, the full quantum of revenue loss and property damage recoverable from insurance claims have not been determined yet. However, the insurers have made a without prejudice interim payment of HK$45 million (S$8 million) as partial payment on account of the estimated claims relating to property damage.
Units in Mapletree North Asia Commercial Trust closed flat at 97 cents on Wednesday.
