The current rule by IHG in regard to cancelation due to the Coronavirus is published on:
https://www.ihg.com/content/us/en/customer-care/travel-advisory-covid-19

There are different rules for regular bookings and group and event bookings.


For new Booking (bookings made between April 06, 2020 and December 31, 2020)
Any non-refundable/pre-paid bookings for arrivals up to and including December 31, can be cancelled without penalty (up to 24 hours before arrival) up until December 31, 2020*.
For arrivals from January 01, 2021 all non-refundable/pre-paid bookings will be subject to the terms and conditions of the rate booked. Other rates have flexibility built in to the terms and conditions, including cancellation options. Please consult the terms and conditions of your booking for more details.

New Rule as of April 05, 2020 (last revised August 31, 2020)
(thank to rdh0924 and this post:
Free nights earned through credit cards are also being extended, depending on when they were earned. No new information on status requirements. Below is information directly from IHG's travel advisory page. Note the exception regarding China:

Cancellation policy & booking flexibly
Given the flexibility our guests and customers need right now we have implemented the following policies:

For Existing Bookings:
Existing bookings (bookings made by April 6, 2020) at all IHG hotels* can be changed or cancelled for stays up to Decemer 31, 2020, noting that:

Important Information:

• Hotels are subject to local law in the market in which they operate. Therefore, government legislation and regulations may supersede this policy in specific circumstances. (including the type and timing of the refund).
• If you cancel a rate which required a deposit or payment in advance, we will do everything we can to process your refund as quickly as possible. Refunds (which may be vouchers where required by local law) may take up to 90 days for hotels to process from the date of cancellation. Reservations may be changed without a fee but may result in different pricing.
• Exclusions may apply for time periods with special event restrictions or peak demand weeks.
• Bookings via a third-party: For bookings made through an online booking platform (e.g. Booking.com, Expedia) or third-party travel professionals, please contact them directly – we have advised these companies of our cancellation policy and you should refer to their terms and conditions.
• Groups & Meetings Bookings: We will work with customers to manage any changes needed to Group & Meeting bookings on a case by case basis. Our hotels are actively supporting groups and meetings organizers to address the needs of each group, including moving event dates to another time, in line with terms and conditions of that booking. Please contact the hotel the booking was made with to discuss further.

*Cancellation fees for existing and new domestic bookings at all IHG hotels in Mainland China, Hong Kong SAR, Macau SAR and the Taiwan region will be waived for stays up to April 30, 2020

From January 01, 2021, all non-refundable/pre-paid bookings will be subject to the terms and conditions of the rate booked.

Additionally:

Anniversary night certificates earned through IHG Rewards Club credit cards (USA & UK):

We are extending the expiration date of anniversary and free night certificates that are set to expire in 2020. Certificates expiring from March 1, 2020 can now be used through August 31, 2021.

Certificates issued in 2020 will have an 18-month redemption time period.

Old Rule (for reference) and probably still apply for booking in China, Hong Kong, Macau and Taiwan

IHG is waiving cancellation fees for existing and new bookings at all IHG hotels worldwide for stays between 09 March, 2020 and 30 April, 2020.

This is in addition to existing cancellation policy measures IHG has in place. These are.
For any stay prior to 09 March, 2020, existing measures mean that you will be able to change or cancel a valid booking reservation without financial penalty, if you are travelling to or from:

• Mainland China, Hong Kong SAR, Macau SAR and the Taiwan region for any stay between 23 January, 2020 and 9 March, 2020.
• Italy and South Korea for any stay between 28 February, 2020 and 9 March, 2020.

For bookings made through a travel agent or an online booking platform contact them direct. IHG has advised these companies of the cancellation policy.

This thread here is to discuss this booking, which are individual bookings. The aforementioned rule does not apply for event and group bookings (if made as such bookings). We understand it the way, that if you travel to a trade fair or conference and made a booking with the hotel of your own, this is an individual booking.

Group and Event Bookings
There is a dedicated rule for group and event bookings. IHG deals with this on a case-by-case basis.
IHG hotels are actively supporting customers to address the needs of each group, including moving event dates to another time. Groups & Meetings can continue to apply existing measures by IHG which enables the guest / organizer to change or cancel a valid booking reservation without financial penalty, in:

• Mainland China, Hong Kong SAR, Macau SAR and the Taiwan region for any stay between 23 January, 2020 and 9 March, 2020.
• Italy and South Korea for any stay between 28 February, 2020 and 9 March, 2020.

You should contact the hotel to discuss this further.
It seems, that IHG is less relaxed on group bookings. These could not canceled.
We understand, that it has to be an event booking (trade fair rates may or may not belong to this).

We have a thread, which is about cancelation of events or rooms in regard to events:
https://www.flyertalk.com/forum/intercontinental-hotels-ihg-rewards-club-intercontinental-ambassador/2011602-modifying-non-refundable-booking-following-event-cancellation-due-coronavirus.html

Status Extenstion
Information about the extension of status could be found in this thread:
https://www.flyertalk.com/forum/intercontinental-hotels-ihg-rewards-club-intercontinental-ambassador/2012459-ihg-rewards-club-status-intercontinental-ambassador-membership-extension.html
This should be discussed in the thread mentioned above.

Ambassador Cancellations
IHG emailed Ambassador members on 3/11/20. The second paragraph of this notice said "With that in mind, we are waiving cancellation fees for existing and new bookings at all IHG® hotels globally for stays between 9 March and 30 April 2020." It remains to be seen if "waiving cancellation fees" equates to the refund of pre-paid, non-refundable bookings made before the email.
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