MNACT claims $8m for damages in Festival Walk

The Hong Kong-based mall was damaged in light of the protests.

Mapletree North Asia Commercial Trust (MNACT) has received a partial insurance payment of $8m (HK$45m) for property damage in Festival Walk in light of the protests in Hong Kong, an SGX filing revealed.

Currently, insurers are still assessing the full quantum of revenue loss and property damage recoverable from insurance claims. “The Manager continues to pursue the insurance claims relating to both property damage and revenue loss due to business interruption, and will provide further updates when available,” it said.

This follows after MNACT reported the loss of retail and office revenue during Festival Walk’s closure and property damage that are covered under the insurance policies.