Active 'Good Landlord' Movement in Jeonnam Province Amid COVID-19 Impact

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province has been actively promoting the ‘Good Landlord’ movement throughout the province since last month, following the nationwide first initiative to reduce rental fees for public market stores.

According to Jeonnam Province on the 15th, currently, rental fees for 39 public markets in seven cities and counties including Suncheon, Naju, Gwangyang, Gokseong, Goheung, Boseong, and Yeongam are being reduced by 50% to 100%. Other cities and counties are also planning to review and implement rental fee reductions for public markets.

Participation from the private sector is also actively continuing, with rental fee reductions currently taking place in 271 stores across 15 locations.

A building owner in Naju City reduced rent by 30% for 12 tenant stores from March to May, and Hakrimhoe Center (CEO Lee Cheolseok) in Wando County reduced rent by 20% for 25 stores during the same period.

Additionally, Mokpo City’s Mokpo Marine Cable Car Co., Ltd. fully waived the February rent for 19 tenant stores, and six store owners at Jinnam Market in Yeosu City reduced rent by 20% for March and April.

Furthermore, a commercial building owner in Jorye-dong, Suncheon City, reduced rent by 50% for three tenant stores from this month through May, and a building owner in Yeokjeon Market waived 100% of this month’s rent for tenant stores. The ‘Good Landlord’ movement is actively spreading throughout Jeonnam Province.

The government is promoting a policy to reduce income and corporate taxes by 50% on the amount of rent reduction for landlords who lower rent for small business owners in the first half of this year, and is also reducing rent for properties owned by national, local governments, and public institutions.

Jeonnam Province has also prepared an ‘Integrated Standard for Local Tax Reduction for COVID-19 Victims’ and is promoting a policy to reduce property tax by up to 50% within the range of rent reduction rates for landlords who reduce rent for three months or more or agree to reduce rent before June 1, the property tax assessment date.

Ahn Sanghyun, Director of the Economic and Energy Bureau of Jeonnam Province, said, “The ‘Good Landlord’ movement will be a great support for local small business owners struggling due to the spread of COVID-19,” and added, “Jeonnam Province will do its best to expand the ‘Good Landlord’ movement centered on market merchant associations and commercial district prosperity associations.”

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