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Jinqiao cancels rent to alleviate financial burden on companies Updated: 2020-02-24


Workers operate a machine in Jinqiao Development Zone of the China (Shanghai) Pilot Free Trade Zone. [Photo/]

The Jinqiao Development Zone of the China (Shanghai) Pilot Free Trade Zone has made coordinated efforts to prevent and control the virus and boost economic and social growth.

To alleviate the financial burden on companies in the zone, the state-owned company Golden Bridge Group provided rent exemptions for small and   medium-sized companies in the zone.

It is estimated that nearly 1,000 companies in the zone will benefit from the rent exemption policy. A total of 141 million yuan ($20 million) in rent will   be saved for companies.

According to a notice released by Golden Bridge Group on Feb 22, Shanghai Jinqiao Export Processing Zone South Area Development Construction Co Ltd, Shanghai Nanhui Industrial Park Investment Developing Co Ltd and Shanghai Liangguang   Investment Development Co Ltd, which are affiliates of the group, will cancel two months of rent for non-state-owned small and medium-sized companies operating in the industrial parks under their management.

"The upper-level authorities implemented a series of polices encouraging state-owned companies to support the development of small and medium-sized companies   during the epidemic," said Tang Wenkan, general manager of Golden Bridge Holding Co Ltd, a subsidiary of Golden Bridge Group.

"As state-owned companies, we must do what we can to support small and medium-sized companies," Tang added.

Golden Bridge Holding Co also streamlined the approval procedures for companies wanting to apply for the rent collation qualification.

Wang Kaifeng, general manager of Schaffner EMC Ltd (Shanghai), expressed thanks to Golden Bridge Group, saying that the local government alleviated their  financial burden and create a good environment for them to operate in.

Wen Yuping, human resources director of Venture Automobile Design (Shanghai) Co Ltd, said that the rent exemption policy proved very helpful, as the company is struggling financially.

Zeng Zhanghe, general manager of SeeYa (Shanghai) Technology Ltd, also praised the move, saying the rent exemption is "timely rain" for his company, which has been impacted by the outbreak.

According to the officials of the management committee of the Jinqiao Development Zone, they are doing so to relieve the worries of the large number of small and medium-sized companies in the zone.