Busan City Holds Public-Private Meeting to Revitalize Local Housing Market

2 PM on the 22nd at City Hall, Deputy Mayor, Housing Construction Association, and Construction Industry Representatives

Cooperation to Address Local Housing Market Crisis and Develop Measures to Revitalize the Housing Market

On the 22nd at 2 p.m., Busan City held a meeting with the local housing construction industry in the conference room on the 7th floor of City Hall.

On the 22nd at 2 PM, Busan City held a meeting with the housing construction industry at City Hall.

This meeting was held to devise measures to revitalize the housing market through communication and cooperation with local companies, amid the deepening housing market slump caused by global economic uncertainties, high interest rates, high exchange rates, and high inflation.

Five representatives from the local housing construction industry attended the meeting, including Lee Jun-seung, the Deputy Mayor for Administration, and Park Jae-bok, the president of the Busan branch of the Korea Housing Construction Association.

At the meeting, Park Jae-bok, president of the Busan branch of the Korea Housing Construction Association, and others proposed to the city the following: ▲establishing grounds for adjusting project costs in public housing projects involving private participation, ▲amending the city’s urban planning ordinance to activate the Hope Plus Housing program, and ▲establishing grounds for public contributions related to changes in permitted uses under district unit plans.

The city plans to actively review the proposals raised at the meeting to prepare measures to revitalize the local housing market and support the industry through bold regulatory reforms.

The city will promptly prepare and implement measures to revitalize the local construction market, including amending the urban planning ordinance, establishing grounds for public contributions, and supporting local subcontractor participation.

Deputy Mayor for Administration Lee Jun-seung stated, “Our city is making multifaceted efforts to support project implementation, such as expediting permits and approvals, to revitalize the housing construction market.” He added, “Through this meeting, we will establish a closer cooperative system with the local housing construction industry and develop various policies that can contribute to regional development and economic growth. If necessary, we will also propose institutional improvements to the central government.”

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