[Exclusive] Singer Bi Joins 'Good Landlord Movement'... March Rent at Half Price (Comprehensive)

Temporary Rent Reduction Notice for Rain Avenue in Cheongdam-dong, Gangnam-gu, Seoul
Purpose to Support Tenants Struggling Due to COVID-19
"Let's Endure the Crisis Well"

[Asia Economy Reporter Onyu Lim] Singer Rain (real name Jung Ji-hoon), known as the 'Cheongdam-dong building owner,' has joined the nationwide spreading 'Good Landlord Movement.' The purpose is to share the difficulties of tenants struggling with business due to the novel coronavirus infection (hereafter COVID-19).

According to the real estate industry on the 4th, Rain delivered an official letter on the 2nd to the tenant of Rain Avenue located in Cheongdam-dong, Gangnam-gu, Seoul, stating that the March rent would be reduced by 50%. He expressed his intention to participate in the Good Landlord Movement, which has spread nationwide as tenants face difficulties due to a sharp decline in sales caused by COVID-19.

In the letter, Rain stated, "Due to the ongoing COVID-19, we believe your business has encountered significant difficulties, and we have decided to charge only 50% of your rent for March to alleviate some of your burdens."

Rain Avenue is located at 19, Apgujeong-ro 79-gil, Gangnam-gu, Seoul, near the luxury shopping street in Cheongdam-dong. Currently, tenants include the craft beer pub Kabrew Brewpub and the hair salon Jung Saem Mool Inspiration West.

Rain purchased the site in July 2008 and rebuilt it into a new building with three basement floors and six above-ground floors, completed in May last year. The total floor area is 3,218.94 square meters, approximately 1,000 pyeong. According to real estate experts, the current market value is estimated to be between 30 billion and 40 billion KRW.

Meanwhile, the Good Landlord Movement began last month with 14 building owners in Jeonju Hanok Village offering rent discounts and has spread nationwide to Daegu, Gyeongbuk, Seoul, Busan, Incheon, and other regions. The government has also supported this movement, which started voluntarily in the private sector. The government decided to reduce income tax and corporate tax by 50% of the rent reduction amount for six months in the first half of this year.