Ahn Il-hwan, 2nd Vice Minister of Finance, Discusses Public Housing Supply Plans for Youth and Newlyweds

[Sejong=Asia Economy Reporter Kim Hyun-jung] An Il-hwan, the 2nd Vice Minister of the Ministry of Economy and Finance, discussed state-owned property development projects, including the supply of public housing for youth and newlyweds, with experts.

On the 29th, Vice Minister An held an "Expert Meeting to Promote Private Sector Participation in State-Owned Property Development" at the Government Seoul Office and reviewed the progress of state-owned property development projects. Attendees included Vice Minister An, the Director of Fiscal Management, the Director of the Treasury Bureau, the Director of State Property Review, and other Ministry of Economy and Finance officials, as well as Professor Park Hyun of the University of Seoul, Kim Myung-soo, Head of the Korea Research Institute for Human Settlements, Jo Dong-wook, Director of Seoul Investment Management, Park Dong-gyu, Managing Director of Samil Accounting Corporation, Lee Sung-chang, Research Fellow at the Seoul Institute, and Hyun Gil-yong, Manager at Hyundai Construction.

The government is currently promoting 16 projects for the complex development of official residences and public housing, as well as 15 land development projects on idle land resulting from the relocation of military bases and correctional facilities, to efficiently utilize general state-owned property. These include the supply of 2,900 public housing units for youth and newlyweds, the development project of the Busan Gangseo Horticultural Experiment Station site, and the Uijeongbu correctional facility development project.

Until now, state-owned land development has mainly been entrusted to agencies such as Korea Asset Management Corporation (KAMCO) or LH Corporation, but the government is also exploring various measures to utilize private sector creative ideas and encourage private capital participation.

This meeting was organized to gather opinions from various experts in academia, government-funded research institutes, private companies, and accounting firms to activate private sector participation in state-owned land development. The Korea Research Institute for Human Settlements presented on "Long-term Lease Development Plans for State-owned Land," and various presentations and exchanges of opinions were held to promote private sector participation in state-owned property development.

Based on the opinions presented at this meeting, the government plans to prepare specific improvement measures for the private sector participation development system for state-owned land within this year and, if necessary, pursue amendments to the State Property Act.

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