KRC Lowers Rent by 30% for Tenants of Corporation-Owned Real Estate

[Asia Economy Reporter Kim Hyunjung] Korea Rural Community Corporation announced on the 4th that it will reduce the rent of corporation-owned real estate (excluding residential and agricultural leases) by 30% for small business owners and small and medium-sized enterprises (SMEs) experiencing business downturns due to the recent surge in COVID-19 cases.

According to the corporation, small business owners and SMEs leasing corporation-owned real estate under the "Act on the Protection and Support of Small Businesses" will receive rent reductions for up to six months from March to September.

Details of the rent reduction, including refund procedures, will be individually notified to eligible recipients starting from the 5th. Additionally, as support for coexistence with small business owners and SMEs vulnerable in emergency situations, the corporation plans to freeze rents for one year after the rent reduction period ends.

This measure aligns with the government's comprehensive livelihood economy stabilization plan, and the corporation intends to do its utmost to minimize damage caused by COVID-19 and help overcome difficulties.

The corporation also plans to deliver donations and contributions collected by its employees.

President Kim Insik stated, “As the entire nation is facing difficulties due to COVID-19, we will do our best to overcome the crisis by establishing a recovery foundation for small business owners and SMEs and continuing efforts for coexistence through practical support.”

This content was produced with the assistance of AI translation services.