Jungnang-gu to Provide Up to 1 Million Won in Jungnang Love Gift Certificates to Good Landlords

Visit or mail to Jungnang-gu Office Corporate Support Division by March 31... Last year, 146 stores benefited... Total 200 million KRW rent reduction effect creating a win-win environment between tenants and landlords

[Asia Economy Reporter Park Jong-il] Jungnang-gu (Mayor Ryu Kyung-gi) is promoting a Good Landlord Support Project to revitalize the stagnant local economy amid increasing rent burdens due to the prolonged COVID-19 pandemic.

The support targets landlords who have signed a win-win agreement to reduce rent for stores with a converted deposit of 900 million KRW or less. Depending on the rent reduction amount, landlords can receive Seoul Love Gift Certificates as follows: 300,000 KRW for a reduction of 1 million to 5 million KRW, 500,000 KRW for a reduction of 5 million to 10 million KRW, and 1 million KRW for a reduction exceeding 10 million KRW.

Additionally, promotion of Good Landlord buildings will be supported through real estate apps such as Naver Real Estate and Real Estate 114. An icon indicating Good Landlord buildings will be displayed on the apps to create a positive image among residents.

Landlords wishing to participate must submit required documents, including the win-win agreement and a copy of the lease contract, by visiting or mailing them to the Jungnang-gu Office Corporate Support Division by March 31.

Furthermore, the district plans to carefully verify rent reduction by collecting proof of rent payment from participating landlords. Selected Good Landlords will receive gift certificates in April, and detailed information can be found on the Jungnang-gu Office website.

Mayor Ryu Kyung-gi of Jungnang-gu said, “We hope many will participate in the Good Landlord Support Project to help revive the local economy struggling due to COVID-19,” adding, “We will continue to create a win-win environment between small business owners and landlords to protect the local commercial district.”

Meanwhile, last year, 146 stores benefited from landlords’ voluntary rent reductions, achieving a total rent reduction effect of 200 million KRW.

The district encouraged participation by supporting landlords who joined the rent reduction with building maintenance, electrical safety inspection costs, and quarantine supplies.

Contact: Jungnang-gu Office Corporate Support Division

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