EC World Real Estate Investment Trust on Friday said it would provide about 23.7 million yuan in cash rental rebates to tenants within its portfolio to help them cushion the adverse impact of the current Covid-19 crisis.
Key management personnel including its chief executive, chief investment officer and deputy chief financial officer will take a 10 per cent reduction in remuneration for the three months leading to June 2020. Similarly, fees for its board directors will also be reduced by 10 per cent for the same three-month period.
The Chinese logistics Reit manager expects the rental rebates to be one-off in nature, barring any further unforeseen material deterioration of the Covid-19 situation in China, it said in a statement. Tenants at the Reit’s Hangzhou assets have reported a slowdown resulting from a shortage of employees and the extension of the Chinese New Year break; its tenants in the Wuhan Meiluote in Wuhan, Hubei, were unable to continue with operations as a result of the lockdown, which lasted until March 22.