Minister meets with three housing industry associations Friday
Minister of Land, Infrastructure and Transport Hong Ji-sun has pledged to work more closely with the housing industry and spare no effort in supporting the government's goal of breaking ground on 1.5 million homes in the Greater Seoul area.
Hong made the commitment Friday morning at a meeting with housing construction associations at the Korea Land Development Exhibition Hall in Seoul, where the minister listened to the industry's concerns.
The meeting was convened to identify on-the-ground obstacles to expanding housing supply and explore ways to address them. Representatives and member companies from the Korea Housing Association, the Korea Housing Builders Association and the Korea Real Estate Development Association attended.
At the meeting, the Ministry of Land, Infrastructure and Transport said it would swiftly incorporate immediately actionable measures into policy — including expediting revisions to urban renewal legislation to accelerate redevelopment projects and allowing support facilities at knowledge industry centers to be converted to residential use. For issues requiring coordination with related ministries, such as tax and financial matters, the ministry said it would pursue follow-up discussions and work with the industry to find alternatives.
On project financing and other housing supply financing issues, the ministry said it would provide tailored solutions to each project site through close, site-by-site management via an integrated housing supply support center set to launch before year's end, in coordination with the Financial Services Commission, the Financial Supervisory Service and other relevant agencies. The government said the center will maintain individual management records for each project site and oversee progress, with the expectation that it will be able to resolve both permitting and financing issues in one place.
Industry representatives said measures already in place — including deregulation of building rules for urban-type residential housing, eased financing and tax regulations for new construction, and zoning conversions for vacant commercial spaces and knowledge industry centers — are beginning to show results on the ground. They said they would work with the government to find solutions to a range of challenges in the field.
Hong said the private sector, which has accounted for more than 80 percent of housing supply in the Greater Seoul area, has a more critical role than ever in resolving the region's housing supply-demand imbalance. "If there are difficulties on the ground, the government will put its heads together with the industry to find answers — so please share your voices from the field without holding anything back," Hong said. Hong added that the government would communicate more actively with the industry and provide whatever support is needed to achieve the goal of breaking ground on more than 1.5 million homes in the Greater Seoul area over the next five years — the largest supply target of any administration in the country's history.
smh@heraldcorp.com
