LH, Additional 6-Month Rent Reduction for Small and Medium Enterprises in Industrial Complexes

Changchung Heum, President of Korea Land and Housing Corporation (LH), attended the National Assembly's Land, Infrastructure and Transport Committee hearing on the 8th of last month, responding to lawmakers' questions during the audit of Korea Land and Housing Corporation and others. Photo by Dongju Yoon doso7@

[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH) announced on the 2nd that it will extend the rent reduction period to support small and medium-sized enterprises and small business owners in industrial complexes who are struggling due to the prolonged COVID-19 pandemic.

Accordingly, the rent reduction period for LH's nationwide leased industrial complexes will be extended from the original December of this year to June of next year. In the case of the public support building in Pangyo 2nd Techno Valley, Sujeong-gu, Seongnam-si, Gyeonggi Province, where the rent reduction was scheduled to end last month, it will be extended until April of next year.

Through this measure, a total of 199 companies, including 134 companies in LH leased industrial complexes and 65 companies in the Pangyo 2nd Valley public support building, are expected to receive additional rent reduction benefits worth 2 billion KRW.

Previously, LH temporarily reduced rents by 25% for six months for small and medium-sized enterprises and small business owners residing in industrial complexes under its management.

However, as the prolonged COVID-19 pandemic continued to cause economic recession and a decline in manufacturing operating rates, LH judged that additional support was necessary and extended the rent reduction period.

Byun Changhoom, President of LH, emphasized, "We will continue to fulfill our role and responsibility as a public institution to realize social value through corporate support."

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