Yangsan City Awards Appreciation Plaque to Generous Landlords Who Fully Reduced Rent Three Times

Kim Il-kwon, Mayor of Yangsan, Gyeongnam (left), presented a plaque of appreciation and a bouquet to Choi Il-hwan, the 'Good Landlord' representative. (Photo by Yangsan City)

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Yangsan City in Gyeongnam announced on the 3rd that it presented plaques of appreciation to ‘Good Landlords’ who voluntarily significantly reduced rent for local small business owners.

The plaque recipient, CEO Choi Il-hwan, is the owner of a four-story building above ground in Pyeongsan-dong, Wongsang District, and did not collect rent for the entire building twice in the second half of last year.

Additionally, in January of this year, he waived rent totaling around 9 million won for 11 tenants, providing great assistance to the small business tenants.

Mayor Kim Il-kwon said, “I deeply thank all the Good Landlords who voluntarily reduced rent to share the pain of local small business owners,” and added, “We ask for more landlords to participate in overcoming the crisis through mutual growth.”

Meanwhile, Yangsan City’s ‘Good Landlord’ campaign saw about 720 landlords participate last year, providing property tax reduction benefits worth a total of 160 million won.

The city plans to further raise the property tax reduction limit from the existing 50% to 75% this year and will send participation letters to encourage more landlords to join.

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