Pyeongtaek City Reduces Rent for Pyeongtaek Port Passenger Terminal Tenants

[Suwon Ilbo=Reporter Seo Dong-young] Pyeongtaek City announced on the 19th that it will reduce rent for tenants at the Pyeongtaek Port Passenger Terminal who are facing difficulties due to the suspension of passenger ferry services caused by COVID-19.

Prior to the COVID-19 crisis, Pyeongtaek Port was used by approximately 1,000 travelers and merchants on average per day.

However, due to the suspension of passenger ferry services to prevent the spread of COVID-19, many businesses have experienced reduced revenue with no customers, leading to numerous tenants to cease operations.

The city decided to reduce rent by 100% for tenants from January 28, the date of passenger transport suspension, until the date of transport resumption, taking into account the circumstances of each tenant. Once passenger transport resumes, the city plans to reduce rent by 50% until passenger numbers reach 80% of the average monthly level from the previous year.

If passenger transport remains suspended until the 19th of next month, the expected rent reduction is estimated to reach 407 million won.

A city official stated, "We hope that the rent reduction will be of some help to the business owners."