Beijing cuts 130 mln yuan of rent for cultural enterprises

Cultural industrial parks in Beijing Municipality have cut rent of 130 million yuan (about $18 million) for local cultural enterprises, a move to mitigate the impact of the novel coronavirus outbreak.

A Dongcheng-based park called Yongyuan, themed on intangible cultural heritage; and the 77 Cultural and Creative Park, themed on film and television media, were among the 48 industrial parks that offered rental cuts, said the municipal publicity department.

Beijing introduced a series of policies last month to maintain the development of the city's cultural sector and support local cultural enterprises. In January, it pushed forward a program to cut rent for cultural enterprises, especially for those who choose to set up their offices at cultural industrial parks.

So far, more than 1,600 small and micro startups in the cultural sector have applied for support from the program. If approved, the enterprises can each get a maximum subsidy of 300,000 yuan for rental costs.