Gwangmyeong City to Request Shortened Compensation Period for Gwangmyeong-Siheung New Town from Ministry of Land and LH

"Compensation Delays and Loan Regulations Increase Burden on Original Residents"

Gwangmyeong City in Gyeonggi Province announced on October 14 that it plans to request the Ministry of Land, Infrastructure and Transport and Korea Land & Housing Corporation (LH) to shorten the compensation period in order to minimize the damage to original residents caused by compensation delays in the Gwangmyeong-Siheung New Town, which is the third phase of new town development.

Park Seungwon, mayor of Gwangmyeong City, is discussing financial support measures for original residents at the "Gwangmyeong-Siheung New Town Secondary Financial Sector Meeting" held on the 14th in the city hall video conference room. Provided by Gwangmyeong City

On this day, Gwangmyeong City held the "Gwangmyeong-Siheung New Town Secondary Financial Sector Meeting" in the city hall video conference room, where financial support measures such as loan extensions and interest deferments for landowners within the district were discussed.

At the meeting, Park Seungwon, mayor of Gwangmyeong City, stated, "With compensation delays compounded by lending regulations, the burden on original residents is increasing and their property rights are being infringed. The city will strongly urge the government and LH to take more proactive measures to minimize damage and guarantee rights."

Previously, in a meeting with Gwangmyeong City in August, original residents expressed concerns about increased financial costs and property rights damages due to compensation delays, and requested support from secondary financial institutions such as loan extensions and interest deferments until compensation is completed.

The city plans to continue efforts to ensure that the compensation process proceeds swiftly by maintaining communication with residents and cooperating with related agencies such as the Ministry of Land, Infrastructure and Transport and LH.

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