Shanghai Has Lent USD89 Million to Support Its Virus-Hit Firms
Xia Ruirui
DATE:  Feb 16 2020
/ SOURCE:  yicai
Shanghai Has Lent USD89 Million to Support Its Virus-Hit Firms Shanghai Has Lent USD89 Million to Support Its Virus-Hit Firms

(Yicai Global) Feb. 15 -- The financial services companies under the Shanghai State-owned Assets Supervision and Administration Commission have passed on CNY621 million (USD89 million) of central bank lending to local companies in a bid to help them stay afloat during the ongoing coronavirus-caused pneumonia outbreak.

State-owned landlords have also slashed a total CNY2.5 billion in rent for small- and medium-sized enterprises after the government required them to deduct tenants' entire February and March payments, Bai Tinghui, commission director, said at a press conference today.

Many companies in Shanghai, and other Chinese cities, have had to close their doors for business during the coronavirus outbreak as governments request they help alleviate the potential for the disease to spread further. 

The overall confirmed coronavirus-caused pneumonia cases on the Chinese mainland had reached 66,492 by the end of yesterday, but the vast majority have been confined to the epicenter in Hubei province.

Some 80 percent of employees at Shanghai's state-owned enterprises under the commission, about 700,000 people, have now returned to work, Bai added, saying 180,000 of them are still working from home to help prevent the spread of the virus.

 Editor: James Boynton 

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Keywords:   New Coronavirus Pneumonia ,Shanghai ,SASAC,mask