Changwon City Extends Rent Reduction for Small Business Shared Property by 6 Months

Expected 1.1 Billion KRW Rent Reduction Benefit for Public Property Tenants

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Changwon City in Gyeongnam announced on the 4th that it will extend the rent reduction for shared property for small business owners struggling due to the prolonged COVID-19 pandemic until the end of June.

From January 1 to December 31 of last year, the city implemented a 50% rent reduction for facilities operated by small business owners, such as public facilities and market shops owned by the city, providing a rent reduction benefit of 2.089 billion KRW.

However, due to ongoing difficulties in paying rent caused by the prolonged COVID-19 situation, the city decided to extend the rent reduction period until June 30.

With this decision, it is expected that tenants of shared property will receive rent reduction benefits amounting to 1.1 billion KRW.

Small business owners and self-employed individuals using shared property, excluding those for agricultural or residential purposes, will receive a 50% rent reduction if they operate their businesses.

In cases where businesses could not operate due to facility closures, the usage period can be extended for the duration of the closure, or rent can be waived accordingly.

Mayor Heo Seong-moo stated, “We have decided to extend the rent reduction to support small business owners struggling due to COVID-19, and we will continue to do our best to prepare support measures that citizens can feel directly.”

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