Gyeonggi-do Designates Goyang Hyeoncheon Public Housing District as a 'Land Transaction Permission Zone'

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has designated 0.23㎢ of the area around Hyeoncheon-dong, Deogyang-gu, Goyang City, where the Goyang Hyeoncheon Public Housing District (corporate relocation site) development project is planned, as a 'Land Transaction Permission Zone.'

Gyeonggi Province announced on the 2nd that it held the Gyeonggi Province Urban Planning Committee on the 27th of last month and deliberated and approved the designation plan for the Land Transaction Permission Zone containing this content.

The province explained that, as existing companies relocate to the Goyang Hyeoncheon district through the 3rd phase new town Goyang Changneung Public Housing District development project, it promoted the designation of the Land Transaction Permission Zone to prevent rapid land price increases and speculative transactions in the Goyang Hyeoncheon district.

The designation period is from the 7th of this month, five days after the announcement, until September 1, 2023.

To trade land in the Land Transaction Permission Zone, permission must be obtained from the head of the relevant local government. If a contract is made without permission or permission is obtained by fraudulent means, imprisonment for up to 2 years or a fine of up to 20 million won will be imposed.

A provincial official emphasized, "Due to concerns about real estate speculation in the area caused by the Goyang Hyeoncheon district project, the Land Transaction Permission Zone was designated to block this," adding, "It will suppress speculative transactions driven by future development expectations."

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