Property Owners Urged to Cut Rents Amid Resurgence

Now Shenzhen   |   March 21, 2022

PROPERTY owners, especially SOEs (State-owned enterprises) and collective joint-stock companies in communities in Shatou Subdistrict in Futian District, have been urged to reduce tenants’ rent, a notice of the subdistrict COVID prevention and control command office said yesterday.

Since COVID resurged in Shenzhen, especially since Feb. 16 when multiple Omicron variant cases have been detected in Shatou Subdistrict, the subdistrict has implemented strict prevention and control measures that affected businesses in the area.

The subdistrict hoped that SOEs and collective joint-stock companies will take the lead to reduce rent for businesses in the lockdown and control areas highly affected by the measures.

Government agencies and big enterprises have recently worked out measures for SMEs (small and medium-sized enterprises) to go through this difficult time.

Huawei Technologies announced last week that its industrial parks had waived six months’ rent and halved rents for the next nine months.

The Shenzhen Commerce Federation collected 55 suggestions and appeals from enterprises in terms of their business operation difficulties, especially in financing and rent reduction, and sent them for the government to address.

Financial institutions gave out 50 billion yuan (US$7.86 billion) in loans for production resumption of small and micro enterprises. (Han Ximin)

Article from: SHENZHEN DAILY