Yeosu Gwangyang Port Authority, Rent Reduction for Gwangyang Port Hinterland

Participation in 'Good Rent'... 10-20% Reduction for 6 Months

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Yeosu Gwangyang Port Authority (President Cha Min-sik, hereinafter referred to as the Authority) announced on the 6th that it has decided to participate in the 'Good Rent' campaign to support companies operating in Gwangyang Port who are struggling due to the impact of COVID-19.

The rent reduction targets are companies leasing the hinterland of Gwangyang Port, and the rent will be reduced by 10 to 20% for a total of six months from March to August.

The Authority will unconditionally reduce rent by 10% for companies in the hinterland, and especially for small and medium-sized enterprises (SMEs), the reduction rate will be doubled to a maximum of 20%.

There are about 70 companies located in the hinterland of Gwangyang Port, and since about two-thirds of them are SMEs, the Authority explained that practically most companies will receive a 20% rent reduction benefit.

An official from the Authority said, “We decided to implement rent reductions first to share the pain with companies in the hinterland who are suffering from the economic downturn caused by COVID-19,” and added, “We will consider expanding rent reductions to port-related businesses in the future.”