Songjiang state firms to give tenants rent relief

The Songjiang State-owned Asset Supervision and Administration Commission has rolled out measures worth 230 million yuan (US$34.5 million) to ease the rent burden on small enterprises and privately owned businesses badly hit by the pandemic.

State-owned enterprises renting out properties are following the requirements of the SASAC and have informed tenants about the relief.

Wang Hongxia runs a hot pot restaurant in Thames Town, a famous tourist site in the district. Wang pays 140,000 yuan a month in rent. Due to the pandemic, his restaurant closed for about three months and business has not fully recovered.

But to Wang's relief, he was exempted six months' rent of about 830,000 yuan by the landlord, the Rongguang Asset Company. Along with Wang, more than 60 businesses in Thames Town have rent relief.

"Our restaurant has been closed for three months. I was under great pressure without any income in those days. But now I am relieved that I don't have to worry about the rent," Wang said.

Ninety-five stores that rent from the Rongguang Asset Company in Thames Town and along Wenhui Road will enjoy rent relief totaling about 350 million yuan.

"We will exempt the rent from March to August for small and micro businesses and privately owned businesses," said Wu Chun, general manager of the company.

"Meanwhile for other business we plan to reduce three months' rent."