Military Mutual Aid Association Shares Burden of COVID-19 Impact on Tenant Companies... Rent Reduced by Up to 50%

A Total of 28 Businesses Including Indoor Sports Facilities and Cafes

[Asia Economy Reporter Park Jihwan] The Military Mutual Aid Association announced on the 17th that it will reduce rent by up to 50% for tenant small business owners who are struggling due to the third wave of the novel coronavirus infection (COVID-19) in Korea.

Among the tenants in Miso City (located in Gyesan-dong, Daegu), owned by the Military Mutual Aid Association Hall and the Military Mutual Aid Association, 28 small business owners will receive rent reduction benefits. This measure aims to alleviate the rent burden of tenant businesses such as indoor sports facilities, cafes, beauty salons, and restaurants, which have been directly hit in sales due to the elevation of social distancing to level 2.5. The rent reduction period will be applied in connection with the COVID-19 situation and government policy implementation.

The Military Mutual Aid Association has participated in the Good Landlord Movement, temporarily reducing rent by 30 to 50% since last March.

Kim Doho, Chairman of the Military Mutual Aid Association, said, "It is true that there is a management burden due to decreased rental income, but as a company fulfilling social responsibility, we intend to participate in the Good Landlord Movement," adding, "We hope this will be of some help to tenant businesses in overcoming COVID-19."

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