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Relief measures for retailers

• From 14 February 2020 until further notice, retailers operating in CapitaLand malls in Singapore have been offered the flexibility to operate shorter store hours.  CapitaLand has further set up a S$10 million marketing assistance programme to support retailer-driven initiatives and mall-wide promotions to boost consumer spending.  
• In response to Singapore Budget 2020, CapitaLand will pass on the full savings of the Government’s property tax rebate for qualifying commercial properties to its retailers.  For those who heed the Singapore Government’s call to upskill their employees during this period, there are plans to offer relevant training programmes under CapitaLand’s signature Biz+ Series of tenant engagement events.
• Over and above the Budget 2020 measures, CapitaLand will roll out additional support measures, including rental relief, as part of its commitment to build sustainable partnerships with its retailers.  As COVID-19 has impacted different malls and trade categories in Singapore by varying degrees, the rental relief will be disbursed to tenants in a targeted manner.  CapitaLand will offer various forms of support which may include flexible rental payments and a one-time rental rebate of up to half-a-month for eligible tenants.  In addition, to ease cashflows for its mall tenants in Singapore, CapitaLand will release one month security deposit to offset rental payments for the month of March 2020.
• During China’s extended Spring Festival break, CapitaLand malls in different Chinese cities were requested by the local governments to either operate shorter hours or close temporarily.  To assist China retailers affected by these directives, CapitaLand has waived the rent and property management fees for its four malls in Wuhan for about three weeks.  Malls outside Wuhan have both charges halved for about two weeks.  Retailers in China who leverage CapitaLand’s CapitaStar platform to reach out to shoppers are given incentives to help defray their costs.   

Support for tenants’ and clients’ business continuity plans (BCP)

• CapitaLand has set aside workspace for tenants who require quick setups of alternate sites as part of their BCP.  This includes about 70,000 square metres of space as well as more than 200 coworking seats in its business park, industrial and logistics properties in Singapore.  The workspace will be offered at special packages and flexible lease terms.  
• For business users who require plug-and-play BCP space solutions in Singapore’s central business district, CapitaLand will be offering special packages in coworking spaces operated by its joint venture partner The Work Project. 
• During this period, CapitaLand’s wholly owned lodging unit, The Ascott Limited (Ascott), is making apartment units available in Singapore to support the additional accommodation needs of its corporate clients as part of their BCP.  Ascott is also proactively extending assistance to guests whose travel plans to China have been disrupted.  This includes accommodating its guests if they need to stay longer and waiving cancellation fees for guests who have to change their travel plans.

Support for healthcare workers and the community

• CapitaLand, through its philanthropic arm, CapitaLand Hope Foundation (CHF) has set up a RMB10 million healthcare fund on 27 January 2020 to support China’s COVID-19 relief efforts.  The first phase of the fund is disbursed to support immediate intervention such as the procurement of critical medical supplies for hospitals.  Post-emergency, the fund will support nationwide healthcare and rehabilitation efforts in China.  The healthcare fund is administered by the China Foundation for Poverty Alleviation and is under the guidance of China’s National Health Commission and relevant authorities in Hubei Province.
• In under a month, four dispatches were made, delivering 40,000 surgical masks, 500 barrels of disinfectant, 375,000 pairs of medical gloves, 50 medical ventilators and two negative pressure ambulances to six hospitals in Wuhan.  The swift response has attracted like-minded corporate donors in Singapore to contribute to the healthcare fund, doubling the fund size to about RMB20 million.  This will boost CHF’s relief efforts on the ground.
• In Singapore, CapitaLand, through CHF, was the first corporate donor to pledge S$300,000 towards The Courage Fund to support vulnerable groups in Singapore affected by COVID-19.  These include patients, healthcare workers and members of the community.  CapitaLand staff and the public are encouraged to donate to the fund at https://www.comchest.sg/chf.  Beyond monetary donations, CHF is working with the National Council of Social Service and Community Chest to identify opportunities for CapitaLand staff volunteers to further contribute their time and support these vulnerable groups.

Precautionary measures and BCP

• Across its properties globally, the Group has taken precautionary measures in accordance with guidelines from the respective local authorities, while putting in place BCP to enable its critical activities to continue with minimal impact to operations.
• In Singapore where CapitaLand is headquartered, split team arrangements and alternative work sites are in place to mitigate the risk of cross-infection.  As part of stepped-up measures under orange-level alert in Singapore, visitors to CapitaLand’s commercial, business park and lodging properties are required to take their temperature and provide health and travel declarations before entering.  Shoppers at CapitaLand malls are required to adhere to store-level temperature screening, where relevant.