50% Rent Reduction for Seongdong-gu Public Markets, Handmade Shoe Stores, and District Sports Centers

District Continues to Support Shared Property Tenants with 50% Rent Reduction in First Half of Year, Providing Total of 270 Million KRW

[Asia Economy Reporter Jongil Park] Seongdong-gu (Mayor Jeong Wono) will reduce the rent for public properties such as public shopping centers and joint sales venues operated by the district to help small business tenants facing economic difficulties.

From February to July this year, the district provided rent reductions ranging from 50% to 100% for a total of 49 shared facilities, supporting approximately 160 million KRW.

As the prolonged COVID-19 pandemic continued in the second half of the year, the district initiated a second round of additional rent reductions for tenants of public properties affected by the suspension and restrictions of public facility operations.

This applies to 60 small business tenants located in Seongdong Anshim Shopping Center, Handmade Shoes Joint Sales Venue, district libraries, and sports centers, with rent reductions, rent payment period adjustments, and common maintenance fee reductions planned for four months from September to December.

If businesses remained open during the reduction period, 50% of the rent will be waived; if businesses were unable to operate due to temporary facility closures or shutdowns, the payment period will be extended or rent will be reduced.

Additionally, common maintenance fees such as security and cleaning staff wages, excluding actual utility costs like electricity and water bills, will also be waived.

The district expects that this second round of reductions will provide a total rent support of approximately 270 million KRW.

Jeong Wono, Mayor of Seongdong-gu, said, “It is regrettable that the prolonged COVID-19 pandemic has intensified difficulties for small business owners and self-employed individuals. We hope this additional rent reduction will provide some relief to small business owners struggling with decreased sales. We will actively seek various crisis response measures, including psychological and emotional support for residents as well as support for small business owners.”