Chungnam Hongseong 'National Industrial Complex' Candidate Site Designated as Land Transaction Permission Zone

The candidate site for the ‘Naepo New Town Future New Industry National Industrial Complex’ in Hongbuk-eup, Hongseong-gun, Chungnam Province, will be designated as a land transaction permission zone.

Location map of the candidate site for the 'Naepo New Town Future New Industry National Industrial Complex.' Provided by Chungnam Province.

Chungnam Province announced on the 20th that, according to the government’s national industrial complex development plan, from the 25th for five years, an area of 2,356,207㎡ (1,179 parcels) in Daedong-ri, Hongbuk-eup will be designated and publicly announced as a land transaction permission zone.

The land transaction permission zone is designated and operated to prevent speculative land transactions and rapid land price increases, and to promote land transactions centered on actual demand, in order to facilitate smooth progress of development projects.

With the designation of the land transaction permission zone, in the Hongbuk-eup area, if the standard area according to the land use district is exceeded, land sales must be contracted with the permission of the Hongseong County Governor, and the land must be used only for the permitted purpose within the specified period.

If a contract is made without permission or through fraudulent means, the offender may face imprisonment of up to two years or a fine of up to 30% of the acquisition price.

Also, if land acquired with permission is not used for the intended purpose, an enforcement penalty of up to 10% of the land acquisition price will be imposed annually.

The province designated only the project site as a permission zone first to minimize inconvenience to landowners. However, if speculative movements are detected in nearby areas, plans to expand and designate the land transaction permission zone will also be considered.

Meanwhile, the new Hongseong National Industrial Complex will be a complex specialized in future new industries related to carbon neutrality and eco-friendliness, developed on a scale of 2.36㎢ in Hongbuk-eup, Hongseong-gun.

The complex is expected to receive final approval in 2025 after procedures such as business operator selection and preliminary feasibility studies.

The province and Hongseong County plan to invest an estimated 493.6 billion KRW in land compensation and public infrastructure construction by 2032 to complete the complex after final approval.

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