Incheon City Supports Building Repair Costs for 'Win-Win Cooperation' Good Landlords

Sangsaeng Cooperation Store Certification Plaque
Photo by Incheon City

[Asia Economy Reporter Park Hyesook] Incheon City supports 'Win-Win Cooperation Shopping Centers' where tenants can operate their businesses with peace of mind without worrying about rent increases for over 10 years.

The city announced on the 14th that if building owners or landlords promise to raise rent by 2% or less, which is lower than the 5% standard set by the Commercial Building Lease Protection Act for 10 years, they will receive up to 20 million KRW in building maintenance support.

This support measure was prepared by Incheon City to help small business owners struggling due to the COVID-19 pandemic.

Tenants can benefit from rent reductions and enjoy a long-term business environment, while landlords can receive support for building maintenance costs, creating a win-win effect.

Seven Win-Win Cooperation Shopping Centers have already been selected, allowing a total of 20 tenant stores to operate without worrying about sudden rent increases.

The city plans to select 10 additional shopping centers through a public contest in April this year and aims to select a total of 40 Win-Win Cooperation Shopping Centers by next year. Certified plaques will be attached to the buildings of the Win-Win Cooperation Shopping Centers, and the implementation status of agreements will be checked annually.

Byun Jooyoung, Head of the Job and Economy Headquarters of Incheon City, said, "The Win-Win Cooperation Shopping Center project will prevent gentrification, where small business owners lose their livelihoods and are pushed to the outskirts due to rapid rent increases." He added, "We will continue to expand Win-Win Cooperation Shopping Centers to protect local communities and commercial districts."

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