13 Building Owners of Gwangju Mudeung Market Join the 'Good Landlord Movement'

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Thirteen owners of commercial buildings in Mudeung Market, Nam-gu, Gwangju Metropolitan City, have decided to join the 'Good Landlord Movement' to help merchants facing great difficulties due to the impact of COVID-19.

Nam-gu, Gwangju Metropolitan City (District Mayor Kim Byeong-nae) announced on the 20th that it held the 'Mudeung Market Commercial Rent Reduction Win-Win Agreement Ceremony.'

At the signing ceremony, District Mayor Kim Byeong-nae, along with Mudeung Market commercial building owners and tenant merchants, agreed to join forces for mutual cooperation to overcome COVID-19 and revitalize Mudeung Market.

Accordingly, the building owners of Mudeung Market decided to reduce commercial rents by 20-30% from that day until the COVID-19 crisis stabilizes.

They also agreed to comply with all provisions of the Commercial Building Lease Protection Act and to actively cooperate in lease renewals unless there are special circumstances when tenants wish to renew their contracts upon expiration.

As a result of the agreement, 13 merchants in Mudeung Market will be able to receive rent reduction benefits starting this month.

In addition, they pledged to actively work on creating a pleasant business environment and clean street environment to revitalize the Mudeung Market commercial district.

District Mayor Kim Byeong-nae said, “I would like to express my gratitude to the building owners in the traditional market who have taken the initiative to reduce rents as a way to share the pain amid the severe threat to the local commercial district caused by COVID-19. Because the local community is supporting our merchants, we will be able to overcome this crisis.”

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