Gyeonggi Province Joins 'Fair Rent Movement'… Public Institution Facility Rental Reductions
Suwon NewsPublished 2020.04.01 06:01
KINTEX, Gyeonggi Urban Development Corporation, Korea Ceramic Foundation and other institutions offer temporary rent reductions of 20-35% for in-house tenantsGyeonggi Pyeongtaek Port Authority, Gyeonggi Province Sports Council to also pursue rental reductions in April
[Suwon Ilbo=Reporter Park No-hun] Gyeonggi Province announced on the 1st that it will participate in the 'fair rent movement' by promoting rental reductions to support small business owners and small-to-medium enterprises (SMEs) in provincial public institutions facing difficulties due to COVID-19.
KINTEX has been providing rental and basic management fee reductions to tenants as the number of visitors to KINTEX food and beverage and retail facilities has plummeted due to postponements of various events caused by COVID-19.
KINTEX expects food and beverage business sales for the first quarter of this year to decrease by 82.5% compared to the same period last year.
Accordingly, KINTEX exempted basic management fees for 32 food and beverage and retail facilities within the institution from February through April. In addition, for 34 SMEs in office facilities, it reduced rent by 20% for March and April and deferred payment by allowing 30% to be paid in installments over six months. The total amount of rent reduction provided by KINTEX amounts to 100 million won. Additionally, it has invested approximately 70 million won to purchase lunch boxes from food and beverage businesses for distribution to vulnerable populations and social welfare facilities, and is implementing promotional material distribution and delivery service fee support for food establishments.
At the same time, Gyeonggi Urban Development Corporation has decided to reduce rent by 30% for approximately 50 commercial buildings it leases, and the Korea Ceramic Foundation has decided to reduce rent by 35% for two companies. Gyeonggi Tourism Organization also plans to pursue rental reductions or deferrals as visitor numbers to Imjingak Observatory in Paju have dropped significantly, causing sales of cafes, Korean restaurants, souvenir shops and other rental businesses to decline compared to the previous year.
Additionally, following the implementation of amendments to the Enforcement Decree of the Public Property and Goods Management Act on April 1, Gyeonggi Province will convene a public property deliberation committee to determine rental reduction periods, rates, retroactive application, etc., and plans to expand rental reductions to facilities owned by Gyeonggi Province such as the Gyeonggi Cultural Foundation, Gyeonggi Province Suwon World Cup Stadium Management Foundation, Gyeonggi Economic and Science Promotion Agency, Gyeonggi Pyeongtaek Port Authority, Gyeonggi Province Sports Council, and Gyeonggi Province Medical Center.
Shim Young-rin, Director of Public Institutions, Gyeonggi Province, said, "Many public institutions in the province are proceeding with rental reductions to support small business owners and SMEs facing crises such as decreased sales due to COVID-19 and to contribute to revitalizing the local economy," and added, "We will promptly pursue rental reductions for facilities owned by Gyeonggi Province."
KINTEX expects food and beverage business sales for the first quarter of this year to decrease by 82.5% compared to the same period last year.
Accordingly, KINTEX exempted basic management fees for 32 food and beverage and retail facilities within the institution from February through April. In addition, for 34 SMEs in office facilities, it reduced rent by 20% for March and April and deferred payment by allowing 30% to be paid in installments over six months. The total amount of rent reduction provided by KINTEX amounts to 100 million won. Additionally, it has invested approximately 70 million won to purchase lunch boxes from food and beverage businesses for distribution to vulnerable populations and social welfare facilities, and is implementing promotional material distribution and delivery service fee support for food establishments.
At the same time, Gyeonggi Urban Development Corporation has decided to reduce rent by 30% for approximately 50 commercial buildings it leases, and the Korea Ceramic Foundation has decided to reduce rent by 35% for two companies. Gyeonggi Tourism Organization also plans to pursue rental reductions or deferrals as visitor numbers to Imjingak Observatory in Paju have dropped significantly, causing sales of cafes, Korean restaurants, souvenir shops and other rental businesses to decline compared to the previous year.
Additionally, following the implementation of amendments to the Enforcement Decree of the Public Property and Goods Management Act on April 1, Gyeonggi Province will convene a public property deliberation committee to determine rental reduction periods, rates, retroactive application, etc., and plans to expand rental reductions to facilities owned by Gyeonggi Province such as the Gyeonggi Cultural Foundation, Gyeonggi Province Suwon World Cup Stadium Management Foundation, Gyeonggi Economic and Science Promotion Agency, Gyeonggi Pyeongtaek Port Authority, Gyeonggi Province Sports Council, and Gyeonggi Province Medical Center.
Shim Young-rin, Director of Public Institutions, Gyeonggi Province, said, "Many public institutions in the province are proceeding with rental reductions to support small business owners and SMEs facing crises such as decreased sales due to COVID-19 and to contribute to revitalizing the local economy," and added, "We will promptly pursue rental reductions for facilities owned by Gyeonggi Province."
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