COVID-19 Government Initiatives & Support in Asia – December 2020
As this challenging year draws to a close, the COVID-19 pandemic has wrought unprecedented disruption, economic uncertainty, and ushered in never-before seen travel restrictions throughout the world. In response, governments and leading financial institutions across South and Southeast Asia have issued various initiatives, stimulus measures, and relief efforts within their respective countries in an attempt to shore up the hardest hit sectors of their economies and extend support to industries, the real estate sector and vulnerable groups directly affected by the COVID-19 pandemic.
Some of these measures have included liquidity injections for certain at-risk banks, relaxation on terms and conditions of loan repayments held by vulnerable borrowers, refinancing and restructuring arrangements, deferral of tax payments and extended filing deadlines, tax reductions for certain workers and industry sectors, construction site closures and more. For the real estate sector, this has led to rent payment deferrals and consideration of the enforceability of foreign-backed securities over land in the event of foreclosure and what legal options are available to overseas investors wishing to protect their real estate assets in these uncertain times.
We hope that this publication gives you the overview that you need on all the measures, exemptions and initiatives being pursued in efforts to control and mitigate the effects of the COVID-19 pandemic throughout the region.
With the recent positive news concerning vaccines, it is hoped that borders will re-open and hopefully end the era of mass lockdowns and travel restrictions so that we may all look forward to 2021 and beyond with a new sense of security and optimism.
The information provided in this email is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.