Beijing cuts rent for enterprises in cultural industrial parks

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Cultural industrial parks in Beijing recently roll out policies to help businesses mitigate the impact of the recent COVID-19 resurgence, including reducing or waiving their rent.

These cultural industrial parks including those owned by the state-owned enterprises as well as those operated by private companies.

Last November, a number of confirmed COVID-19 cases were reported at the Hongfuyuan residential community. The Hongfu Cultrual and Creative Park either reduced or waived rent for over 200 companies in the park for a month, with the reduction totaling over 3 million yuan (US$445,800). The park is reintroducing the policy for the most recent COVID resurgence, which would benefit more than 100 companies and save them more than 1 million yuan in total. 

In addition to the Hongfu Cultural and Creative Park, other cultural industrial parks are stepping up efforts to reduce rent or waive it entirely for its tenants.

In the 751 Cultural and Creative Park, qualified micro, small, and medium-sized enterprises and self-employed individuals will receive a six-month rent reduction or exemption. Cultural industrial parks such as the Huateng Yixintang Cultural and Creative Park, the Beidian Kelin Cultural and Creative Park, and the 768 Creative Industrial Park are all working to collect related information of qualified enterprises and provide them with preferential policies of rent reduction and exemption.

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