[New Year's Address] Jung Wonju, President of the Housing Construction Association, "Housing Industry Needs Policy Support"

Jung Won-ju, President of the Korea Housing Construction Association. (Photo by Korea Housing Construction Association)

[Asia Economy Reporter Ryu Tae-min] Jung Won-joo, President of the Korea Housing Construction Association, stated in his New Year's address on the 30th, "Government policy support is urgently needed to normalize the housing construction industry so that it can play a role as a pillar of economic growth."

President Jung said, "The housing industry not only has a profound impact on the grassroots economy and the national economy as a whole but also has a more outstanding effect on related industries and employment compared to other industries."

First, President Jung emphasized the urgent need to support liquidity for housing companies, citing policy support measures such as ▲financial and tax support for housing demanders ▲normalization of PF loans ▲resolution of unsold housing units.

He particularly stated, "It is necessary to improve the HUG PF loan guarantee and unsold PF loan guarantee systems, and to maintain existing interest rates when extending the maturity of bridge loans," adding, "It is also necessary to purchase unsold housing units under repurchase conditions, provide tax support for acquirers of unsold housing units, and allow mortgage loans on unsold housing units held by housing companies."

Furthermore, he requested the prompt passage of legislation and active cooperation from local governments to enable swift approval procedures through the activation of the integrated review system. He also mentioned that adding environmental, traffic, and disaster impact assessments to the bill mandating integrated reviews, which is currently pending in the National Assembly, is an urgent matter.

He continued, "Our association will focus its capabilities on implementing proactive housing policies that can normalize the stagnant housing market so that member companies can comfortably concentrate on housing projects in 2023," and added, "To this end, we plan to vigorously carry out our core duties, including closely communicating with government authorities and devising measures to revitalize housing projects."

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