Guro-gu, 50% Rent Reduction for District-Owned Property Rentals

Rent reduction for 17 stores in former Suyo Shopping Mall from January to June expected to save 29.81 million KRW... Last year, 16 stores received a total rent reduction of 24.88 million KRW

[Asia Economy Reporter Jongil Park] Guro-gu (Mayor Lee Seong) will reduce the rent of district-owned properties by 50%.

On the 17th, Guro-gu announced, "To alleviate the economic burden on small business owners and micro-entrepreneurs struggling due to COVID-19, the district will lower the rent of commercial spaces it owns."

Following the revision of the "Enforcement Decree of the Act on the Management of Public Property and Goods" last year, local governments can now adjust the usage fees of public properties they own without amending ordinances.

Accordingly, Guro-gu provided rent reductions totaling 24.88 million KRW last year for 16 stores located in commercial spaces managed by the Guro Facilities Management Corporation.

As the prolonged COVID-19 pandemic and social distancing measures have intensified difficulties for small business owners, Guro-gu decided to continue rent reductions this year as well.

To this end, the Public Property Deliberation Committee held a review last month and decided to reduce rents.

As a result, 17 stores in commercial spaces managed by the Guro Facilities Management Corporation will receive rent reductions ranging from 160,000 to 480,000 KRW per store from January to June this year.

A Guro-gu official stated, "It is expected that a total of 29.81 million KRW in rent will be reduced over six months through this project," adding, "We will continue to make efforts to provide practical support to small business owners struggling due to COVID-19."

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