Deputy Minister of Land Meets Housing Industry: "We Will Ease Regulations, So Please Proceed with Sales Without Delay"

Jin Hyun-hwan, the 1st Vice Minister of the Ministry of Land, Infrastructure and Transport, met with domestic housing industry officials on the 4th to hear their requests, the ministry announced.

On the day, Vice Minister Jin held a meeting with representatives from five major construction companies, including the Korea Housing Association and Samsung C&T, at a location in Seoul. The meeting was arranged to directly hear the industry's diagnosis of the recent housing market and construction economy, as well as on-site voices, and to discuss measures to expand housing supply as the main government ministry.

The government introduced the Urban Renewal Act amendment, which is being promoted to expand supply and resolve unsold housing, and also presented this year's public housing supply plan. The amendment to the Urban Renewal Act, mainly introducing a reconstruction fast-track, is scheduled to be implemented in June. On the public side, a total of 252,000 public housing units are planned to be supplied, including 140,000 units of construction-type public housing permits.

Jin Hyun-hwan, the 1st Vice Minister of the Ministry of Land, Infrastructure and Transport, is listening to suggestions at a meeting attended by major construction companies held in Seoul on the 4th. Provided by the Ministry of Land, Infrastructure and Transport, Photo by Yonhap News.

The industry expressed difficulties due to recent construction cost increases and domestic and international uncertainties. The Ministry of Land, Infrastructure and Transport also reported that the industry emphasized the need for financial and tax support and regulatory relaxation to revitalize redevelopment projects and resolve unsold housing in local areas.

Vice Minister Jin stated, "To sufficiently supply the housing that the public wants in the places they want, we will supply the largest-ever volume of public housing this year and accelerate institutional improvements to expand the supply base such as redevelopment projects," adding, "We hope the private sector will also fulfill its roles and responsibilities by supplying pre-sale units without delay and strengthening safety management."

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