New Century Real Estate Investment Trust has lowered the response level to level II. Consequently, operations at the Kaifeng Hotel have resumed on 19 March 2020. Operations at the Kaifeng Hotel were suspended for 54 days (the " Kaifeng Suspension Period"), which resulted in a downward adjustment of the base rent for the Kaifeng Hotel for the year ending 31 December 2020 by approximately RMB 3.25 million from RMB 22 million to approximately RMB 18.75 million (representing an approximately 14.8% decrease). In addition, given that operations at the Kaifeng Hotel were substantively suspended during the Kaifeng Suspension Period, New Century REIT Group also did not receive any variable individual rents (which is calculated as 20% of Kaifeng Hotel's total monthly operating revenue plus 34% of the Kaifeng Hotel's gross operating profit for the relevant month (or in the event of a gross operating loss, deduction of 34% of Kaifeng Hotel's gross operating loss for the relevant month), which shall in any event not fall below zero) for the corresponding period.