Korea Expressway Corporation to Refund 190 Billion KRW in Lease Deposits for Highway Rest Areas and Gas Stations

[Image source=Yonhap News]

[Asia Economy Reporter Lee Chun-hee] Korea Expressway Corporation has refunded half of the rental deposit to rest areas and gas stations struggling due to the novel coronavirus infection (COVID-19). The total amount is 190 billion KRW.

The Expressway Corporation announced on the 12th that it recently completed the refund of 190.8 billion KRW in rental deposit reductions, which were implemented to support rest area operators facing difficulties due to the spread of COVID-19. The refund was completed three weeks ahead of the originally planned deadline at the end of June.

Since April, the Expressway Corporation has been reducing rental deposits by half and refunding the reduced amount to operators to stabilize their management. Through this measure, 307 out of 396 rest area facilities (77.5%) received half of their deposits back. By industry, there are 157 rest areas and 150 gas stations.

A representative from the Expressway Corporation said, "We expect that the refund of rental deposits will somewhat improve the financial conditions of operators by securing liquidity and reducing interest expenses."

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