GH Unveils Land and Industrial Site Sales Promotion Measures... Eases Initial Financial Burden

On September 8, Gyeonggi Housing and Urban Development Corporation (GH) announced new sales promotion measures aimed at easing the initial financial burden for genuine buyers and lowering the barrier to land acquisition.

The new measures are designed to boost the purchase of residential and industrial land, with a focus on offering various payment options and discount benefits.

GH has newly introduced an installment payment plan that allows for a grace period of one to five years depending on the type of land. In addition, the company will implement a new payment structure that moves away from the traditional down payment-interim payment-balance system to a down payment-balance structure. These changes are expected to provide a discount effect of up to 22.5% off the actual selling price.

Gyeonggi Housing and Urban Development Corporation

Furthermore, for land parcels that have remained unsold for more than 10 years within eight industrial complexes, including the Paju Seonyu Industrial Complex, GH will offer a discount of up to 15% off the supply price. This discount will be applied only after at least six months have passed since the most recent supply announcement.

Additionally, GH will introduce an "unconditional cancellation right" system, which allows buyers to cancel their contracts within one to two years after signing without any conditions. In the event of cancellation, the full down payment will be refunded, significantly reducing the risk associated with initial contracts. This system is expected to be implemented within this year following revisions to relevant regulations.

Alongside these new sales promotion measures, GH will continue to offer support policies that have been in place since November last year, including: exemption of installment interest (3.5%), advance payment discount (5%), reduction of late payment penalty rate (from 8.5% to 7.5%), relaxation of down payment ratio (from 10% to 5%), extension of payment deadlines (from 2 years to 3-5 years), and brokerage fee support (up to 0.9%).

Applications for land sales can be made through the GH Land Sales System. Detailed information is available in the announcements on the GH website and the Land Sales System.

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