Shanghai's Lujiazui Helps Firms Secure USD170.7 Million in Virus Aid
Wu Qixuan
DATE:  Mar 13 2020
/ SOURCE:  yicai
Shanghai's Lujiazui Helps Firms Secure USD170.7 Million in Virus Aid Shanghai's Lujiazui Helps Firms Secure USD170.7 Million in Virus Aid

(Yicai Global) March 13 -- Shanghai's Lujiazui financial district has assisted nearly half of the local firms that are eligible to virus-related financial support to secure CNY1.2 billion (USD170.7 million) in funds since early February.

Some CNY900 million (USD128.8 million) of the program's earmarked total sum is still available, the Lujiazui Financial and Trade Zone Management Committee said in a press conference yesterday. 

Moreover, the district has encouraged commercial property owners to offer rental relief to small and medium-sized businesses amid the coronavirus outbreak that has ravaged production and sales. The administration has also helped local firms to complete filings online amid office closures.

With the bureau's assistance, Porsche China has saved more than CNY6 million (USD853,5334) in rent at its two retail stores in Pudong, Chief Executive Jens Puttfarcken told Yicai Global yesterday. Sales were down by 60 percent in February from a year ago but perhaps the situation will normalize by May, he added. 

Lujiazui Group, which has properties such as 96 Plaza shopping mall, is expected to forgive more than CNY420 million (USD60.1 million) in micro, small, and medium-sized companies' rents, the bureau added. Shanghai Tower and Jin Mao Tower, two of the city's landmark skyscrapers, have rolled out their own rental relief programs.

Shanghai is an efficient and open city, Puttfarcken said, adding that more multinationals should come to China.

Editor: Emmi Laine

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Keywords:   Lujiazui Financial City,Porsche China,Novel Coronavirus Pneumonia