GDD companies to be freed from $17m in rent

The eight preferential policies launched by Guangzhou Development District (GDD) on Feb 4 have achieved success by helping local companies overcome problems in resuming operation.

The policies include measures stating that local companies renting the premises of State-owned companies subordinated to the local district will be exempted from one month of rent, and that the rent amount for the next two months will be halved.

The administrative bureau of State-owned property of GDD has listed a total of 1,622 companies that have applied for these rent measures, including 1,416 privately owned companies, 40 foreign-invested companies, as well as 132 individually-owned businesses.

It is expected that these companies will be freed of about 120 million yuan ($17.21 million) in rent payments, equalivalent to 78,000 yuan for each company on average.

The action will rapidly lower the operations cost for local companies affected by the outbreak of the novel coronavirus pneumonia, which is named COVID-19 by the World Health Organization (WHO).

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