Incheon City Reduces Public Property Rental Fees by 50-80%... 21.4 Billion Won Benefit Over 2 Years

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City announced on the 12th that it will maintain rent reduction benefits to ease the burden on public property tenants who are struggling due to the prolonged COVID-19 pandemic.

Accordingly, the city plans to reduce 50-80% of this year's rent for about 4,300 tenants of city-owned shared properties and properties owned by public corporations and public institutions.

Subsidiary organizations participating in the rent reduction along with the city include Incheon Urban Corporation, Incheon Transit Corporation, Incheon Tourism Organization, and Incheon Technopark.

Previously, the city and these subsidiary organizations provided rent reduction benefits to property tenants in three phases from February 2020, when the damage to self-employed businesses due to COVID-19 began, until the end of last year.

The total amount was 21.4 billion KRW over two years, including 11 billion KRW in 2020 and 10.4 billion KRW in 2021, and it is expected that about 10.7 billion KRW of rent burden will be alleviated this year.

For tenants of city-owned shared properties, the rent reduction rate is basically 50%, and businesses whose sales in the first half of this year decreased by more than 50% compared to the first half of 2019 before the COVID-19 outbreak will receive an additional 10-30% reduction according to the sales decline rate, providing up to 80% benefit.

For tenants of properties owned by subsidiary organizations, a uniform 50% reduction is applied.

The reduction period for tenants of city-owned shared properties is until the end of June this year, and the extension will be reviewed depending on the COVID-19 situation. Additionally, tenants of properties owned by subsidiary organizations will receive rent reduction benefits until the end of December this year.

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