Real estate industry unites to fight virus
Real estate developers in China have banded together over the past days to contribute funds and supplies to help curb an outbreak of coronavirus-related pneumonia in China.
Besides donating cash, developers are also cutting rents, property management and other fees for tenants whose businesses have been hit hard during the nationwide fight against the epidemic.
In one of the latest efforts, Shui On Land Ltd announced on Thursday that it will waiver rents, property management and promotion fees between January 24 and February 29 for all tenants at the company's Wuhan projects. It also offers a 50 percent discount for those in other parts of the country outside Wuhan.
The Shanghai-headquartered company, most renowned for its Tiandi series projects in China, announced on Monday that it will donate 10 million yuan to the Red Cross Society of China Wuhan Branch.
Shui On's decision came two days after Dalian Wanda Commercial Management Group, the commercial property investment and operation arm of Dalian Wanda Group, announced that it will waiver rents and property management fees between January 24 and February 25 for all tenants at the company’s over 280 Wanda Plazas around the country.
Dalian Wanda Group announced earlier on January 25 to donate 10 million yuan to help curb the pneumonia outbreak which was first reported in Wuhan, central Hubei Province.
About 60 developers — led by industry leaders Sunac China, China Evergrande Group, Country Garden Group and China Vanke Group — have already donated cash totaling about 1.1 billion yuan (US$158 million) as of 7pm Tuesday, coupled with medical supplies valued at more than 15 million yuan, according to research released by Leju, a leading Chinese property service platform. Donated supplies include 10 ambulances, over 2.5 million face masks, 50,000 protective outfits and 90,000 disposable latex gloves.
Sunac China was the first major Chinese developer to make donations to help contain the outbreak of pneumonia when the Hong Kong-listed company announced on January 23 that it would donate 10 million yuan to the Red Cross Society of China Wuhan Branch. Two days later, the company, through its Sunac Foundation, made an additional donation of 100 million yuan to the Charity Federation of Wuhan.
China Evergrande Group and Country Garden Group followed, with both companies announcing one day later that they would donate 200 million yuan and 100 million yuan, respectively, to fight the epidemic.
China Vanke Group and Century Golden Resources Group are the two other developers that have donated at least 100 million yuan, according to the Leju report.