Dongdaemun-gu Small Business Owners' Shared Property Usage Fee 50% Reduction

50% Rent Reduction for 6 Months for Small Business Tenants of Former Public Building Shared Property... 3rd Implementation Following 2 Reductions Last Year Due to Prolonged COVID-19

[Asia Economy Reporter Park Jong-il] Dongdaemun-gu (Mayor Yoo Deok-yeol) will reduce rent by 50% for six months for tenants of buildings owned by Dongdaemun-gu to support small business owners suffering economic damage due to the resurgence and prolongation of COVID-19.

The rent reduction applies to small business owners leasing Dongdaemun-gu public property, including 169 leased buildings such as the Korean Medicine Cafe within the Seoul Korean Medicine Promotion Center.

Most of these tenants have been struggling to operate due to COVID-19 until now.

The reduction period is six months from January to June this year, and the district will reduce 50% of the existing rent during this period.

Through the deliberation and resolution of the Dongdaemun-gu Public Property Deliberation Committee, the district confirmed a total reduction amount of 57.18 million KRW and will refund the usage fees to the tenants.

This rent reduction is the third round; last year, through two sessions of the Public Property Deliberation Committee, the district reduced a total of 102 million KRW for 262 small business tenants leasing district buildings.

Yoo Deok-yeol, Mayor of Dongdaemun-gu, stated, “To support small business owners struggling due to the prolonged COVID-19 situation, the public sector has taken the lead in reducing rent. I hope all residents will join forces to recover the local economy and overcome the COVID-19 crisis.”

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