Gwangju City Completes Deposit of Unclaimed Land Readjustment Settlement Funds for Hanam 3 District Urban Development Project

If the Right to Claim Deposit Payment Is Not Exercised for 10 Years, It Reverts to the National Treasury

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 7th that it has completed the deposit of unclaimed land readjustment settlement funds with the Gwangju District Court following the public notice of the land readjustment disposal for the Hanam 3 District Urban Development Project (May 16, 2019).

If the right to claim the deposited funds is not exercised within 10 years from the date of deposit, the statute of limitations will be completed and the funds will revert to the national treasury.

Meanwhile, Gwangju City has sent notices urging landowners to pay and receive the land readjustment settlement funds, and for those landowners who could not be reached due to reasons such as unknown addresses, public notices were posted in the city bulletin and on the website.

For unclaimed land readjustment settlement funds, the city completed the land readjustment settlement procedures, including three rounds of prior deposit notice notifications.

In addition, to encourage early settlement of residents within Hanam 3 District and minimize inconvenience, the city supported Gwangsan District with 40.6 billion KRW to establish one city bus turnaround point and 12 off-street parking lots (193 spaces), which have been opened to residents. Two parking-only buildings (315 spaces) are scheduled to be completed this month and opened in January next year.

Looking ahead, by completing resident support projects by 2022, including two village halls, resident complex facilities, and living sports facilities, a pleasant residential environment will be created in Hanam 3 District, improving living conditions and facilitating smooth urbanization.

Lee Sang-bae, Director of the City Urban Regeneration Bureau, said, “Although the local economy is struggling due to COVID-19 and other difficulties, we hope residents will actively cooperate so that the land readjustment settlement collection procedures can be completed.” He added, “We will actively support the completion of resident support projects as planned so that Hanam 3 District can be reborn as a premium complex.”

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