KUALA LUMPUR, March 31 — As the deadly Covid-19 virus continues to ravage the globe, businesses have been deeply affected.

Hong Kong property owners badly hit by the slump in retail businesses have decided to slash their rental rates in a bid to attract tenants.

One of them was versatile celebrity Nicholas Tse, who reduced the rental of his properties at Lyndhurst Terrace, Central Hong Kong.

Hong Kong’s Apple Daily reported that Tse owns two properties at Lyndhurst Terrace.

Citing lot number 26 as an example, the daily said the lot has a built up of 700 sq ft and was now offered at 73,000 Yuan (RM44,000).

"In 2012, the lot was let out to a footwear seller at 200,000 Yuan (RM121,000),” it said.

According to the daily, Tse had bought the property in 2012 at 114 million Yuan (RM69 million).

Last month, Tse closed down his shop and pop-up stores selling his signature cookies due to weak market conditions brought about by Covid-19.