Ministry of Economy and Finance: "No Discussion on Greenbelt Release... Instead, Considering High-Density Urban Development and Floor Area Ratio Increase for 3rd New Towns"

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Economy and Finance (file photo)

[Sejong=Asia Economy Reporter Joo Sang-don] The Ministry of Economy and Finance drew a line on the 15th, stating that there has been "no discussion" regarding the government's consideration of lifting the Greenbelt to expand housing supply.

On the 15th, the Ministry of Economy and Finance stated, "Currently, there has been no discussion about lifting the Greenbelt," and added, "The government plans to discuss all possible alternatives for housing supply through the upcoming 'Housing Supply Expansion Task Force'."

On the previous day, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, appeared on a broadcast and said, "We are currently reviewing five to six primary tasks, and after completing the review of these tasks, if necessary, we are open to examining the Greenbelt issue." This can be interpreted as meaning that while the Greenbelt is not being considered for lifting immediately, the option of releasing the Greenbelt to supply housing remains possible in the future.

However, the Ministry of Land, Infrastructure and Transport, the main department responsible for housing supply, expressed a different stance. Park Sun-ho, Vice Minister of Land, Infrastructure and Transport, said on a radio show, "(Lifting the Greenbelt) has never been reviewed at the government level. Discussions with the Seoul Metropolitan Government on this matter have not yet begun."

Only 12 hours after Deputy Prime Minister Hong's remarks, Vice Minister Park made a statement opposing it, sparking controversy over conflicting positions between ministries, prompting the Ministry of Economy and Finance to step in to manage the situation.

The Ministry of Economy and Finance also presented alternatives that could be considered to expand housing supply, including: ▲ improving urban planning regulations for high-density development in city centers ▲ increasing floor area ratios in the 3rd New Towns ▲ discovering additional new housing sites such as idle land around cities and national facility sites within cities ▲ relaxing urban regulations when implementing projects through public redevelopment and reconstruction to supply public rental and sale apartments for youth and newlyweds ▲ utilizing vacant commercial buildings and offices in city centers.

This content was produced with the assistance of AI translation services.