Gwangju City Designates Future Car National Industrial Complex Site as 'Land Transaction Permission Zone'

Until March 14, 2028

Gwangju Metropolitan City (Mayor Kang Ki-jung) announced on the 15th that it will newly designate the planned site for the future car national industrial complex as a land transaction permission zone. The designated area is 3,384,135㎡ (1,020,000 pyeong) around 503, Oun-dong, Gwangsan-gu, Gwangju, and the designation is valid until March 14, 2028.

This measure aims to preemptively block illegal speculative activities targeting land price increases following the selection of the future car industrial complex site, which is the growth engine for Gwangju's next 100 years and the core axis of Gwangju's economy in the automobile industry mobility transition, as a candidate for the national industrial complex.

On the same day, Gwangju City designated and announced the zone after prior review by the Gwangju City Urban Planning Committee. Once designated as a land transaction permission zone, according to relevant laws, any land transaction exceeding 500㎡ for farmland, 1,000㎡ for forest land, or 250㎡ for other types within the permission zone must obtain prior land transaction permission from the Gwangsan District Office before the contract.

If a contract is made without permission or through fraudulent means, the offender may face imprisonment of up to two years or a fine not exceeding 30% of the land price for that year.

Furthermore, if the land acquired with permission is not used for its intended purpose, an order may be issued to use it accordingly. Failure to comply with the order will result in an annual enforcement penalty of up to 10% of the land acquisition price.

Yang Byung-ok, Director of the Land Information Division of the city, stated, “The designation of this land transaction permission zone is a measure to preemptively block illegal transactions or speculation riding on the Gwangju future car national industrial complex development project. We will continuously monitor areas within the city where speculation concerns exist to establish order in real estate transactions.”

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