Kyowon Group to Reduce Building Rent by up to 50%... "Joining the Good Landlord Movement"

Exterior view of Kyowon Group headquarters

[Asia Economy Reporter Kim Daeseop] Kyowon Group announced on the 10th that it will join the 'Good Landlord Movement' to coexist with small business owners facing economic difficulties due to the impact of the novel coronavirus infection (COVID-19).

The group will reduce rent for small business owners operating in buildings owned by the group from this month through next month. In Daegu, designated as a special management area, rent will be waived by 50%, and in other regions, it will be reduced by 30%. Support will be provided to tenants in seven buildings nationwide, including Seoul, Daegu, and Busan.

Earlier, the group also prepared a donation worth 2 billion KRW for educational supplies and relief goods to help children in the Daegu and Gyeongbuk regions who are struggling due to the spread of COVID-19.

A Kyowon Group official said, "As consumer sentiment has sharply contracted due to the spread of COVID-19, many small business owners nationwide are having difficulties in their operations, so we decided to join the Good Landlord Movement to offer some help."

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