Incheon City Continues 50-80% Reduction on Public Property Rental Fees This Year

[Asia Economy Reporter Park Hyesook] Incheon City announced on the 24th that it will continue to provide rent reduction benefits this year to ease the burden on tenants of public property who have been struggling since the COVID-19 pandemic.

Accordingly, the city plans to reduce rent for about 4,000 tenants of city public property and properties owned by public corporations and public enterprises.

The basic rent reduction rate is 50%, and businesses whose sales in the first half of this year have decreased by more than 50% compared to the first half of 2019, before the outbreak of COVID-19, will receive an additional 10-30% reduction based on the sales decline rate, providing benefits of up to 80%.

This reduction measure is expected to relieve public property tenants of approximately 11 billion KRW in rent burden this year.

Previously, from February 2020, when the damage to self-employed businesses due to COVID-19 began, until the end of last year, the city provided about 29.4 billion KRW in rent reduction benefits to tenants of shared public property over five rounds.

An official from Incheon City stated, "We have continued to implement rent reductions to help tenants recover their businesses amid rising prices caused by the prolonged COVID-19 pandemic and to prevent the ripple effects of the local economic downturn. We hope this will somewhat compensate for the damages suffered by self-employed business owners and aid the recovery of neighborhood commercial districts."

Incheon City Hall

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