Donghae City to Support Small Businesses and SMEs... Up to 80% Reduction in Public Property Rent

Donghae City to Extend Rent Payment Deadlines by One Year
Up to 50% Reduction in Late Fees Aims to Ease Financial Burden

On October 22, Donghae City in Gangwon Province announced that it will reduce the rent for city-owned properties by up to 80% in 2025 to ease the burden on small business owners and small and medium-sized enterprises struggling with ongoing economic stagnation.

A panoramic view of Donghae City Hall. Provided by Donghae City

This measure applies to cases where small business owners or small and medium-sized enterprises lease city-owned properties, such as commercial spaces, for direct business operations. The rent reduction will apply to the rental period in 2025.

In addition, if rent payments become due during the reduction period, the payment deadline can be extended by up to one year. Late fees for this period may also be reduced by up to 50% to further alleviate financial pressure.

Applications for rent reduction will be accepted according to the guidance of the relevant rental management department, and applicants must submit supporting documents such as a certificate verifying their status as a small business or small and medium-sized enterprise.

Jeon Chunmi, head of the accounting department, stated, "We have decided to implement rent reductions to ease the business burden on small business owners who are facing difficulties due to the prolonged economic downturn. We hope this measure will help stabilize the operations of small business tenants of city-owned properties and contribute to revitalizing the local economy."

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