BUSINESS China to ensure implementation of rent exemption policies for market entities

BUSINESS

China to ensure implementation of rent exemption policies for market entities

China Daily

15:32, June 24, 2022

People wait to pick up takeaways outside a Chinese restaurant in Shanghai, on June 15, 2022. (Photo: VCG)

Chinese authorities on Thursday called on local governments to roll out practical measures to reduce or exempt housing rents for market entities, and ensure that all rent relief policies and measures are implemented effectively.

Small and micro companies and self-employed businesses in the services sector that are tenants of State-owned houses in county-level administrative areas classified as medium and high-risk for COVID-19 will enjoy a six-month rent exemption this year, while those in other areas will be exempted from paying rent for three months, according to a circular jointly released by the Ministry of Housing and Urban-Rural Development and seven other government organs.

For lessors who offer rent relief, local taxation departments will cut or exempt their property tax and urban land use tax in accordance with relevant regulations, and State-owned banks are encouraged to extend pledge loans at concessional rates to such lessors.

In accordance with a policy package to stabilize China's economic performance, unveiled last month, the circular aims to promote phased rent exemption for market entities and ease pressure for small and micro enterprises as well as self-employed individuals in the services sector.

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