Gyeongnam Development Corporation Drastically Lowers Rental Fees for Lease Facilities

35% Reduction in Rent Compared to Previous Rates for Small Businesses and Small Merchants

Changwon Baekro Shopping Center managed by Gyeongnam Development Corporation (Photo by Gyeongnam Development Corporation)

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] Gyeongnam Development Corporation announced on the 1st that it has decided to drastically reduce rental fees for leased facilities.

Amid economic difficulties caused by the novel coronavirus disease (COVID-19) throughout Gyeongnam Province, Gyeongnam Development Corporation plans to support small businesses and small merchants renting from the corporation at Baekro Shopping Center and factory warehouses by applying a 35% reduction from the existing rental fees retroactively from February rent for six months until July.

Lee Nam-du, president of Gyeongnam Development Corporation, said, "We have prepared this measure to contribute even a small help during difficult times so that we can overcome the hardships of the residents together," adding, "We will continue to actively promote various policies for the residents as well as revitalizing the Gyeongnam regional economy."