Gwangju Dong-gu 'Dong-gu Type Win-Win Cooperation Shopping District Support Project' Promotion

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Dong-gu, Gwangju Metropolitan City (Mayor Im Taek) announced on the 29th that it will actively promote the ‘Dong-gu Type Win-Win Cooperative Shopping District Support Project,’ a ‘win-win’ strategy that can provide practical help to both tenants and landlords.

The ‘Dong-gu Type Win-Win Cooperative Shopping District’ is a system first introduced exclusively in Dong-gu among the five autonomous districts of Gwangju. It reduces rent increases by 5% annually for tenants who have rented for more than 10 years, and supports landlords of shopping district buildings who have signed a win-win cooperation agreement with tenants with remodeling costs of up to 10 million KRW.

To promote the project, Dong-gu held a signing ceremony for the Dong-gu Type Win-Win Cooperative Shopping District agreement on the 28th.

On this occasion, Dong-gu, tenants, and landlords all signed a win-win cooperation agreement.

The scope of remodeling support for the finally selected shopping district buildings includes repair work aimed at improving durability, such as waterproofing, insulation, windows, interior wall construction, and painting. Interior renewal costs such as store interior remodeling are excluded.

Prior to the signing ceremony, Dong-gu selected three shopping district buildings through on-site inspections and evaluation by the screening committee for the applications received by the 7th of last month.

Going forward, Dong-gu plans to conduct annual compliance inspections for the selected shopping districts and recover support funds according to relevant procedures if violations such as failure to comply with the win-win agreement are found.

Im Taek, Mayor of Dong-gu, said, “Through this Dong-gu Type Win-Win Cooperative Shopping District project, we hope to prevent the phenomenon of displacement (gentrification) so that tenants can operate their businesses without worry,” adding, “Although both landlords and tenants are facing difficulties, we expect everyone to make small concessions and coexist by creating a healthy commercial district.”

Meanwhile, last June, Dong-gu enacted an ordinance on regional commercial district win-win cooperation and signed a win-win agreement involving 109 landlords and tenants in Dongmyeong-dong to encourage landlord participation in gentrification areas.

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