LH to Supply 371 Hope Shops Up to 50% Cheaper Than Market Price

Capital Region 217 Cases and Provincial Region 154 Cases
Youth, Career-Interrupted Women, Small Business Owners Eligible to Apply

Korea Land and Housing Corporation (LH) announced on the 3rd that it will supply 371 units of Hope Shopping Centers, neighborhood living facilities within public rental housing complexes, nationwide this year to support startups by youth and others.

Hope Shopping Centers are startup spaces provided for up to 10 years under rental conditions cheaper than the surrounding market prices to support stable economic activities of youth, small business owners, and others. First supplied in 2018, they have attracted much interest from many aspiring entrepreneurs due to low rent and abundant demand from residents and others.

LH Hanam Misa Hope Shopping Center. [Photo by LH]

The major complexes scheduled for supply in April include Incheon Geomdan, Incheon Nonhyeon 4, Incheon Seochang 2, Incheon Yeongjong, Goyang Samsong, Goyang Jichuk, Goyang Hyangdong, Guri Sutaek, Gimpo Masong, Gimpo Yanggok, Gimpo Janggi, Gimpo Hangang, Yangju Okjeong, Gwangju Songhwa, Gwangju Cheomdan, Gyeongbuk Provincial Government Relocation New Town, Gyeongsan Hayang, Wanju Samnye, and Gimhae Yulha 2.

From May onwards, Hope Shopping Centers will be supplied in line with the move-in schedule of complexes such as Seongnam Regeneration Industrial Complex, Osan Segyo 2, Pyeongtaek Sosabeol, Namyangju Byeollae, Paju Gyohwa, Paju Unjeong 3, Busan Yeonsan 2, Busan Jwadong, (former) Yesan County Office Happy Housing, Seokmun National Industrial Complex, Asan Tangjeong, Chungnam Provincial Government Relocation City, Daegu Donam, Jeongeup Suseong, Changwon Gap'o, Changwon Seokdong, and Seogwipo Innovation City.

The ‘Public Support Type I’ supplied to youth, career-interrupted women, and social enterprises is provided at about 50% of market price, ‘Public Support Type II’ supplied to small business owners at about 80% of market price, and the ‘General Type’ supplied to actual users is provided at the bid price.

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

The initial lease contract period is 2 years. To ensure stable business and economic activities of tenants, if there are no reasons for contract termination such as loss of tenant qualification, the contract can be renewed every 2 years for up to 10 years.

Detailed information such as supply schedules can be checked through the LH Subscription Center under Shopping - Sale & Rental Information. Integrated recruitment announcements are posted on the first Friday of every month, and each regional headquarters posts recruitment announcements containing detailed supply plans for each complex.

Oh Seung-chan, Head of LH Construction Rental Business Division, said, “Through Hope Shopping Centers, LH provides a strong support base for youth, career-interrupted women, and small business owners, and offers spaces to spread the positive influence of social enterprises. We will continue to strive to fulfill our social responsibility through the supply of Hope Shopping Centers this year.”

Meanwhile, since 2016 until last year, LH has supplied a total of 4,041 rental shopping units, including 1,134 Hope Shopping Centers, to create local jobs and more. To support small business owners amid economic downturns, LH has been offering a 25% discount on monthly rent from March 2020 until June this year.

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