MAPLETREE North Asia Commercial Trust has received an interim payment from its insurers for the damage to its Festival Walk mall in Hong Kong during the protests late last year.
The insurers made a partial payment, without prejudice, of HK$45 million in relation to estimated claims, the trust’s manager said in a bourse update on Wednesday night. The manager added that an assessment of the full sum that can be recovered from insurance claims is still ongoing. It will continue to pursue its claims for both property damage as well as revenue loss from the interruption to business operations during the mall’s temporary closure.
Anti-government demonstrators had smashed glass panels at Festival Walk in November 2019 and set fire to the Christmas decorations, causing what was described as extensive damage. The trust was then unable to collect rent from Festival Walk tenants for the period when the mega-mall in Kowloon Tong was closed - that is, from Nov 13, 2019 to Jan 15, 2020.
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