Shui On announces rent breaks for commercial tenants

Shui On Land Ltd said it will cut rents, fees and expenses at its retail projects across China, with complete exemptions for clients in Wuhan from January 24 to February 29.

Shui On Land Ltd has announced rent concessions for commercial tenants at all of its projects to help brick-and-mortar tenants cope with a downturn in foot traffic caused by an outbreak of coronavirus-related pneumonia. The announcement followed the property developer's donation of 10 million yuan (US$1.43 million) to the Red Cross Society of China's Wuhan branch.

Rents, management fees and promotional expenses will be exempted from January 24 to February 29 for all commercial tenants at retail projects developed, operated and managed by Shui On Land in Wuhan, the epicenter of the virus outbreak.

Meanwhile, rents, management fees and promotion expenses will be halved from January 24 to February 9 for commercial tenants in other cities including Shanghai, Foshan, Chongqing and Nanjing.

The company added that it has also rolled out new disinfection procedures at its properties and will work together with tenants to fight the ongoing epidemic.

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