Yongsan-gu, Up to 50% Rent Reduction for District-Owned Properties (Buildings)

Temporary Rent Reduction from February to July... Proof of COVID-19 Damage Required

[Asia Economy Reporter Jong-il Park] Yongsan-gu (District Mayor Seongjanghyun · photo) will reduce the rent by up to 50% for small business owners renting district-owned properties (buildings) as part of COVID-19 livelihood and economic measures.

This is in accordance with Article 14 (Usage Fee) of the Enforcement Decree of the Act on the Management of Public Property and Goods.

The reduction period is six months from February to July.

The reduction targets are small business owners and small enterprises who have suffered damage from COVID-19 and are using buildings owned by Yongsan-gu for business or commercial purposes.

Those who wish to apply for support must submit a small business (small enterprise) confirmation issued by the Small and Medium Business Status Information System and a rent reduction application to the relevant property management department. However, if the status as a small business (small enterprise) can be confirmed through documents such as the withholding tax payment report or value-added tax taxable standard certificate (or financial statements), the small business (small enterprise) confirmation can be omitted.

Proof of damage must be demonstrated by the applicant to the property management department by comparing income amount certificates, value-added tax taxable standard certificates, and sales confirmation related to income.

The district will hold a public property review committee meeting in mid-May to finalize the rent reduction targets, period, and scale (reduction rate). The reduction rate is up to 50%, but it cannot be reduced below the previously designated minimum rate.

In addition to rent reduction, the district plans to use all possible methods such as ▲temporary deferment of rent payment ▲extension of rental period due to facility closure or suspension ▲temporary reduction of common maintenance fees to reduce the damage to small business owners renting district-owned properties.

Seongjanghyun, Mayor of Yongsan-gu, said, “300 building owners have expressed their willingness to participate in the district’s Good Landlord Movement,” and added, “In line with this, the district will provide rent reduction benefits to tenants of buildings owned by Yongsan-gu.”

The district also temporarily lowered loan interest rates to the 0% range this year for small and medium enterprises, small business owners, and youth enterprises. Through this, interest expenses for 561 companies receiving loans from the district’s SME development fund and job creation fund (including planned) are expected to decrease by approximately 95.02 million KRW.

Additionally, the district plans to lead economic recovery by utilizing all methods such as ▲operating customized bidding information services ▲Good Landlord Movement ▲improving private contract methods ▲prioritized purchase of SME products ▲issuing Yongsan Love Gift Certificates ▲supporting businesses visited by confirmed COVID-19 cases.

Yongsan-gu Office Finance Department or the relevant property management department

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