KAMCO Extends Period for 'Public Development Building Rent Reduction Program' Offering Up to 50% Discount

[Asia Economy Reporter Song Seung-seop] Korea Asset Management Corporation (KAMCO) announced on the 4th that it will extend the rent reduction system for public development buildings until the end of December this year. This is part of the government's policy to revive the economy, which has been stagnant due to COVID-19.

Since March last year, KAMCO has reduced the rent of public development buildings managed by the institution by up to 50% (20 million KRW). As of the end of June, the support scale reached approximately 2.6 billion KRW across 107 cases.

Additionally, by utilizing Korea Electric Power Corporation’s 'electricity bill reduction' system and Seoul City's 'water bill reduction' policy, KAMCO is providing up to a 50% discount on electricity and water bills to small business tenants in public development buildings who have received disaster relief funds.

Namgung Young, Head of KAMCO’s Public Development Division, emphasized, “We hope that the extension of rent reductions will practically help alleviate the management burden of small business owners and establish a foundation for recovery from damages,” adding, “We will support small business owners and SMEs in crisis to regain vitality.”