(Yicai Global) Feb. 13 -- Chinese commercial real estate firms, including China Vanke and Country Garden Holdings, have temporarily reduced their corporate tenants' rents to ease retailers' financial struggles during the new coronavirus outbreak. 

In this group, China Vanke has the most long-lasting policy as it will only collect half of the rents from shopkeepers from Feb. 1 to Feb. 29, according to the Shenzhen-headquartered company.

The epidemic has claimed 1,368 lives in China and caused stores and factories to remain closed for the prolonged Spring Festival period, delivering financial distress across many sectors.

Retail, catering, and entertainment businesses suffer from the epidemic more severely than offices that nowadays can work remotely, Securities Daily reported, citing Timothy Chen, senior director at Knight Frank. The London-headquartered property consultancy expects the rental property market to stabilize in the second half of this year with falling vacancy rates.

China Oil & Foodstuffs' property arm Grandjoy Holdings Group has started slashing rental fees in 13 commercial projects in nine cities across the country, helping more than 4,400 merchants, the Shenzhen-based firm said on Feb. 11.

Galaxy Commercial Property will cut businesses' rents into half for 15 days, benefiting 180 tenants. Firms that have settled in maker spaces or incubation hubs backed by the Shenzhen-based company can forego paying any rent this month. 

Rainbow Department Store will collect zero rent from tenants its 92 department stores and malls in 27 cities over the period from Jan. 25 to Feb. 8. China Merchants Shekou Industrial Zone Holdings, Overseas Chinese Town Holdings, and Kaisa Group Holdings have also cut rents.

Editor: Emmi Laine