Seongbuk-gu Reduces Rent by 50% for Small Business Tenants Leasing Public Property

Extension of Support Period Until Year-End Due to COVID-19 Resurgence...Up to 34 Million KRW Discount Expected for 17 Facilities

[Asia Economy Reporter Park Jong-il] Seongbuk-gu (Mayor Lee Seung-ro) has established a second support plan for small business tenants of public property who are experiencing difficulties such as decreased sales due to the resurgence of COVID-19.

This follows the first support implemented under the revised and promulgated "Enforcement Decree of the Act on the Management of Public Property and Goods" in March, providing a 50% reduction in current rent for business facilities from September to December 2020, a period of four months. For temporarily closed or closed facilities, the plan extends the lease period or reduces rent according to the number of closure days.

The support targets 17 facilities leased from Seongbuk-gu’s public property, excluding those that have already received rent reductions or are unsuitable for small business owners. The property management department will receive and review applications, select the final support targets, and the final decision will be confirmed after review by the Public Property Deliberation Committee on the 5th.

It is expected that these 17 facilities will benefit by up to approximately 34 million KRW.

Additionally, if tenants provide proof of damage in the future and apply for additional support, it will be reviewed by the Public Property Deliberation Committee and supported accordingly.

Lee Seung-ro, Mayor of Seongbuk-gu, stated, “Considering the prolonged and serious nature of the COVID-19 situation, we are actively supporting various measures such as rent reductions to help small business owners overcome difficulties and restore livelihoods.”

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