Gyeonggi-do to Promote Public Development Profit Return to Residents

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has established a legal basis to create a fund from the profits of various public development projects and reinvest it in projects for the residents.

The Gyeonggi Provincial Council held the 2nd plenary session of the extraordinary meeting on the 20th and passed the "Ordinance on the Establishment and Operation of the Gyeonggi Development Profit Residents Return Fund."

The ordinance's core is to create a development profit residents return fund using resources such as a portion of the dividend profits generated from public development by Gyeonggi Housing and Urban Corporation (GH), the province's fund management income, and special account transfers, and to reinvest it in projects for the residents.

The established fund is stipulated to be used for expenses such as rental housing supply projects within the province, support projects for underdeveloped areas to promote regional balanced development, and services necessary for verifying development profits and public contributions.

The province expects to create a total fund of approximately 146 billion KRW over five years from this year through 2025, considering future investment plans.

Previously, the province introduced the "Public Development Profit Residents Return System" as a campaign pledge of Governor Lee Jae-myung of Gyeonggi Province, which has been implemented or is underway in areas such as Namyangju Dasan New Town, Pyeongtaek Hyeondeok District, and the 3rd New Town.

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