"100,000 Good Landlords Nationwide Reduce Rent by 473.4 Billion Won" 55 Awarded by Region

Government Encourages Spread of Good Landlord Movement
Minister Kwon Chil-seung Awards in Gwangju and Jeonnam Regions
"Efforts to Solve Small Business Rent Issues"

[Asia Economy Reporter Kim Bo-kyung] The government will award commendations to 55 'Good Landlords' who reduced rent for small business owners.

The Ministry of SMEs and Startups announced on the 14th that it selected 55 landlords who lowered rent for small business owners and will present 30 commendations from the Minister of SMEs and Startups and 25 commendations from the heads of regional Small and Medium Venture Business Administrations.

The Good Landlord Movement is a campaign where landlords voluntarily reduce rent to support tenant small business owners struggling due to COVID-19. It started in February last year in Jeonju Hanok Village and has since spread nationwide. As of last year, it was reported that 104,000 landlords reduced rent by 473.4 billion KRW for 181,000 tenants.

The Ministry of SMEs and Startups comprehensively considered factors such as the rent reduction rate, number of stores with reduced rent, duration of reduction, and impact on surrounding commercial districts to determine the recipients and the level of commendation.

Considering the COVID-19 situation, the commendations will be awarded by each regional office before Chuseok. In the Gwangju and Jeonnam regions, Minister Kwon Chil-seung personally presented awards to three recipients on the 14th in connection with his regional visit.

Meanwhile, the government plans to extend the incentive application period, including tax credits on the reduced rent and free electrical safety inspections, to promote the Good Landlord Movement.

Measures to ease rent burdens for tenant small business owners will also be implemented. These include revising and distributing a standard contract with enhanced tenant protections, calculating fair rent reflecting the characteristics of individual commercial properties, and exempting small business owners from co-payments for lease-related consulting.

Park Chi-hyung, Director of Small Business Policy at the Ministry of SMEs and Startups, said, "We are grateful to the landlords who voluntarily shared the burden despite their own difficulties due to COVID-19," and added, "The government will also continue to make efforts to resolve rent issues."

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