Taekwang Group Continues 'Good Rent Campaign' This Year... 50% Rent Reduction

Support within a 2 million KRW limit over 6 months
Decision to provide 800 million KRW, more than last year

[Asia Economy Reporter Hwang Yoon-joo] Taekwang Group continues to participate in the 'Good Rent Movement' this year, following last year, to support tenants facing difficulties due to the resurgence and prolongation of the novel coronavirus infection (COVID-19).

The group's major affiliates, including Taekwang Industrial, Daehan Chemical Fiber, Heungkuk Life Insurance, Heungkuk Fire & Marine Insurance, and TCIS, will provide a 50% rent reduction up to a monthly limit of 2 million KRW for small business tenants renting buildings nationwide for six months starting this month. The Ilju Academic and Cultural Foundation will also reduce rent by 50% within the same monthly limit for three months for small business tenants located in the foundation's buildings. Through this measure, tenants will receive a total support of 1.4 billion KRW, including 600 million KRW in benefits received last year and an additional approximately 800 million KRW this year.

Last year, Taekwang Group also reduced rent by 30% up to a monthly limit of 2 million KRW for small business owners and SMEs renting spaces in affiliate buildings nationwide for three months, and particularly in the Daegu and Gyeongbuk regions, a 70% reduction was provided without a monthly limit.

Im Soo-bin, Chairperson of the Integrity Management Committee overseeing social contributions within the group, stated, "We decided to provide additional rent support to help small business owners who are directly affected by the continuously declining consumer sentiment due to COVID-19. We will continue to pursue efforts to assist the public in these difficult times."

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