The Tower Offices at Beijing Oriental Xxxxx Sample Clauses

The Tower Offices at Beijing Oriental Xxxxx. Xxx Xxxxx Xxxxxxx xx Xxxxxxx Xxxxxxxx Xxxxx comprises eight towers, offering over 300,000 square metres of Grade A office space. It has a diversified tenant base across different industries, ranging from finance and banking, accounting, technology, legal, pharmaceutical, media and advertising to consumer products; there are also education and professional institutions, and government-related organisations. INTERIM REPORT 2020 13 MANAGEMENTDISCUSSIONANDANALYSIS Revenue of The Tower Offices was RMB533 million (2019: RMB627 million). NPI amounted to RMB385 million (2019: RMB479 million). Amid tough economic conditions, a number of tenants did not renew or have requested to early terminate their leases, driving up the vacancy rate. At the same time, leasing activity was slow due to weak demand from corporations. As a result, occupancy rate dropped to 84.5% (2019: 94.0%). Average monthly passing rent was RMB288 (2019: RMB297) per square metre. Given the challenging business environment, it is inevitable that the newly committed rents were lower than last year. Average monthly spot rent was RMB281 (2019: RMB323) per square metre.
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