Chungnam Province Adjusts Land Transaction Permit Zones in Hongseong and Yesan to Block Speculation

Additional 453,000 Square Meters Designated in Hongseong Future New Industry Complex Candidate Site
Partial Lifting and Extension of Designation Period to 2028 for Yesan Agro-Bio Cluster

Chungnam Province has adjusted land transaction permit zones to prevent signs of real estate speculation following the large-scale industrial complex developments in Hongseong County and Yesan County.

This measure involves adding and removing designated zones in line with changes to the industrial complex areas, and is being evaluated as a proactive response to protect genuine demand and stabilize land prices.

On November 10, Chungnam Province announced that it had adjusted the land transaction permit zones in the vicinity of the candidate site for the National Future New Industry Industrial Complex in Hongseong County and the candidate site for the Agro-Bio Convergence Industry Cluster Project in Yesan County.

This adjustment is aimed at preemptively blocking potential real estate speculation arising from the development of industrial complexes. It was announced after review by the Provincial Urban Planning Committee and will take effect on November 15.

In Hongseong County, since March last year, 1,179 parcels (2,356,000 square meters) in Naedeok-ri, Hongbuk-eup, have been designated as permit zones for five years. With this adjustment, an additional 440 parcels (453,000 square meters) in two villages have been newly designated.

In contrast, in Yesan County, of the 1,177 parcels (1,666,000 square meters) in Sapgyo-ri, Sapgyo-eup, designated in October 2023, 412 parcels (675,000 square meters) in three villages have been removed from the permit zone, while seven parcels (1,000 square meters) in Yongdong-ri have been newly included. The designation period has also been extended from 2026 to 2028.

As a result, within the permit zones, transactions involving land above a certain size must receive approval from the mayor or county governor. This applies to farmland exceeding 500 square meters, forest land exceeding 1,000 square meters, and other land exceeding 250 square meters.

Unauthorized transactions or fraudulent permits may result in imprisonment of up to two years or a fine of up to 30% of the land price. Sanctions may also be imposed if the land is used for purposes other than those for which the permit was granted.

Lim Taekbin, head of the Provincial Land Management Division, stated, "This adjustment is intended to prevent speculation that exploits development opportunities and to stabilize land prices in development areas," adding, "We will continue to do our best to protect genuine demand and establish a fair transaction order."

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