Danke Joins Hands with Asian Alliance for Food and Beverage Industry to Support Employee Accommodation

Rhea-AI Summary

Danke (NYSE: DNK), a leading co-living platform in China, has partnered with the Asian Alliance for Food and Beverage Industry to offer a rent discount plan for catering employees affected by the COVID-19 pandemic. This initiative aims to provide over RMB 5 million in rent discounts across Beijing, Shanghai, and Shenzhen. The plan includes short-term rentals, deposit waivers, and enhanced health protocols in Dream Apartment facilities, which currently serve tens of thousands of corporate employees through 11 locations, offering 11,000 beds.

Positive

• Partnership with Asian Alliance for Food and Beverage Industry to support catering employees.
• Rent discount plan valued at over RMB 5 million for affected businesses.
• Enhanced health and safety measures implemented in Dream Apartment facilities.
• Dream Apartment serves tens of thousands of employees with 11,000 beds across 11 locations.

Negative

• None.

BEIJING, July 21, 2020 /PRNewswire/ -- Phoenix Tree Holdings Limited ("Danke" or the "Company") (NYSE: DNK), one of the largest co-living platforms in China with the fastest growth, announced that its branded product, Dream Apartment, is joining hands with the Asian Alliance for Food and Beverage Industry to launch an employee accommodation rent discount plan to support employees in the catering industry in finding affordable apartments.

The Asian Alliance for Food and Beverage Industry, founded in 2014, is a Beijing-based organization jointly established by Chinese agricultural product manufacturing company New Hope Group Co., Ltd., Chinese conglomerate and investment company Fosun Group, and several casual dining franchises including Haidilao, Xibei Youmian Cun, Huang Ji Huang, etc. By combining resources, the alliance is committed to protecting catering employees and customers and to advancing the catering industry in mainland China.

The catering industry has been severely hit by the COVID-19 pandemic. It is common practice for most catering businesses in China to provide employee accommodations on top of salaries, to maintain employee welfare. Companies are often required to pay multiple months of rent and the deposit up-front, putting more pressure on firms already facing cash flow challenges due to the pandemic. At the same time, employee dormitories face strict neighborhood entrance controls, forced lease-terminations and rental disputes.

To help solve the challenges in seeking and renting affordable apartments, and to help ease the financial burden on industry members amid the COVID-19 pandemic, Dream Apartment and the Asian Alliance for Food and Beverage Industry expect to jointly provide rent discounts valued at more than RMB 5 million to catering businesses in Beijing, Shanghai and Shenzhen. The plan features a series of measures, including short-term rental services, rent discounts, deposit waivers and free cancellation services, to help ensure safe dormitories and services for catering business employees.

Dream Apartment provides standardized and value-for-money rental services, taking strict precautions to help residents stay healthy amid the COVID-19 pandemic. Dream Apartment has taken actions, including making sure that all staff wear personal protective equipment, applying strict building entrance controls such as temperature checks and real name registration, and implementing daily comprehensive disinfection of common spaces and dormitories. It has introduced high-quality resident-centric services including increasing onsite guards, posting online and offline reminders and updates on the COVID-19 pandemic, delivery pick-ups, and group ordering for groceries.

Danke introduced "Dream Apartment" in 2018. The service leases entire buildings, or several floors, to transform them into well-renovated and fully furnished dormitory-style apartments with multiple beds in each room, which are then rented out to corporate clients for employee accommodation. Dream Apartment provides a hassle-free living experience offering comfortable rooms, Wi-Fi, 24/7 onsite management and security, repair and maintenance, and daily cleaning. Building amenities include shared gym, lounges, laundry rooms and mailroom services. By providing value-for-money options to businesses for employee accommodation, Dream Apartment improves employees' living environment and increases employee satisfaction. As of July 15, 2020, Danke operates 11 widely-recognized Dream Apartment facilities in Beijing, Shanghai and Shenzhen with a total of 11,000 beds, providing dormitory-style apartments for tens of thousands of corporate employees.

ABOUT DANKE

Danke, one of the largest co-living platforms in China with the fastest growth, is redefining the residential rental market through technology and aims to help people live better. Empowered by data, technology, and a large-scale apartment network, Danke's vibrant and expanding ecosystem connects and benefits property owners, residents, and third-party service providers, and delivers quality and best-in-class services through an innovative "new rental" business model featuring centralization, standardization, and a seamless online experience. Danke was founded in 2015 and is headquartered in Beijing, China. For more information, please visit ir.danke.com.

CONTACTS
Danke PR
Email: pr@danke.com

Edmond Lococo
ICR, Inc.
Email: DankePR@icrinc.com
Phone: +86 138-1079-1408

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SOURCE Phoenix Tree Holdings Limited

FAQ

What is the recent partnership announced by Danke (DNK)?

Danke has partnered with the Asian Alliance for Food and Beverage Industry to launch a rent discount plan for catering employees affected by COVID-19.

How much is the rent discount plan provided by Danke (DNK)?

The rent discount plan is valued at over RMB 5 million.

In which cities is Danke's rent discount plan effective?

The rent discount plan is effective in Beijing, Shanghai, and Shenzhen.

How many Dream Apartment locations does Danke (DNK) operate?

Danke operates 11 Dream Apartment locations.

How many beds are available in Danke’s Dream Apartment facilities?

Danke’s Dream Apartment facilities provide a total of 11,000 beds.