LH Rental Shops 25% Rent Discount Extended Until Year-End

Sharing the Burden of COVID-19 and Inflation

LH Hanam Misa Hope Shopping Center Perspective View

Korea Land and Housing Corporation (LH) announced on the 17th that it will extend the rent discount period for rental commercial spaces until the end of this year.

This measure is aimed at supporting small business owners who are struggling due to COVID-19 and rapid inflation.

The rent discount applies to approximately 2,221 small business owners, small and medium enterprises, non-profit private organizations, social welfare corporations currently operating in LH rental commercial spaces, as well as private daycare centers within rental housing complexes. The discount rate is 25% of the monthly rent.

For Hope Commercial Spaces, which are supplied at 50% to 80% of market prices to youth, career-interrupted women, and small business owners, the extension of the rent discount period is expected to further enhance price competitiveness and alleviate the management burden on tenants.

Additionally, LH plans to supply 356 Hope Commercial Spaces across 74 complexes nationwide in the second half of this year.

Major supply complexes include Seoul Suseo KTX, Yangju Hoecheon, Bucheon Sangdong, Paju Unjeong 3, Pyeongtaek Godeok Internationalization Planning District, Busan Yeonsan, Asan Tangjeong, Daegu Donam, and Eumseong Geumseok, with Hope Commercial Spaces being supplied in line with the move-in schedule of each complex.

Furthermore, Namyangju Byeollae (A13BL), Seoul Yangwon (S1BL), Chuncheon Udu (6BL), Gwangju Hyochon (A1BL), and Yeosu Gwanmun (A-1BL) are currently available for first-come, first-served private contracts, so immediate contracts are possible if eligibility and screening criteria are met.

LH Hope Commercial Spaces are available to actual users including youth, career-interrupted women, (preliminary) social enterprises, and micro small business owners.

The 'Public Support Type I' supplied to youth, career-interrupted women, and social enterprises is offered at about 50% of market price, while the 'Public Support Type II' supplied to small business owners is offered at about 80% of market price. The general type supplied to general actual users is offered at the bid price.

The public support types (I and II) select recipients through screening considering startup (business) items and other factors.

The lease contract period for Hope Commercial Spaces is 2 years. To ensure stable business and economic activities for tenants, contracts can be renewed every 2 years up to a maximum of 10 years, provided there are no grounds for contract termination such as loss of tenant eligibility.

Detailed information on application schedules and other related matters can be found on the LH Subscription Center website.

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