Gyogyokwon Gongjehoe Extends Rent Reduction Period Until Year-End... "Impact of Prolonged COVID-19"

[Asia Economy Reporter Park Jihwan] The-K Korea Teachers' Credit Union announced on the 3rd that it will extend the rent reduction period for The-K Tower and credit union-owned halls, originally scheduled until the end of August, by an additional four months until the end of the year due to the prolonged COVID-19 pandemic.

The Credit Union decided to extend the rent reduction period to participate in the government's domestic demand stimulation policy and to share the management difficulties of small business owners. A total of 26 tenants, including four in The-K Tower and 22 in regional halls, will receive a 20-30% rent reduction benefit for a total of 10 months.

Since March, the Credit Union has reduced rents by 20-30% for six months for 35 neighborhood living facility tenants and small business tenants located in The-K Tower and eight halls (Busan, Daegu, Incheon, Gwangju, Daejeon, Chungbuk, Gyeongnam, Jeonbuk halls).

Lee Jin-seok, Acting Chairman of the Credit Union, said, "As the regional economy continues to stagnate due to the recent implementation of social distancing level 2, we hope this extension measure will help alleviate the economic difficulties of tenants even a little." He added, "Going forward, the Credit Union will continue to fulfill its corporate social responsibility as a national enterprise by coexisting with the local community."

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