Koo Yoonchul: "Taereung Housing Project to Break Ground in 2029, One Year Early... Short-term Supply Including Officetels Under Review"

Announcement of Structural Reform Measures and Potential Growth Rate Recovery in the Second Half Economic Growth Strategy

Deputy Prime Minister and Minister of Finance and Economy Koo Yooncheol delivers a keynote speech at the 'Emergency Economic Headquarters Meeting and Economic-Related Ministers Meeting and Real Estate-Related Ministers Meeting' held at the Government Seoul Office in Jongno-gu, Seoul on the 15th. Ministry of Finance and Economy

Koo Yoonchul, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated on the 15th, "We will accelerate the implementation of major projects such as the Taereung Golf Course site, breaking ground in 2029, which is one year ahead of the original 2030 plan."

At the "Emergency Economic Headquarters Meeting and Economic Ministry Meeting and Real Estate Ministry Meeting" held at the Government Complex Seoul on the morning of the same day, Deputy Prime Minister Koo emphasized, "We are well aware that swift supply is the most important factor." He further explained, "For approximately 2,900 units, including the Gangseo military site and the mixed-use redevelopment of outdated government buildings, we are currently in the process of exempting these projects from preliminary feasibility studies, and following subsequent procedures, construction will commence in 2027."

He also announced plans to steadily implement the scheduled 29,000 units of public housing supply in the greater Seoul area for this year, with 13,400 units to be distributed in the first half. Additionally, a supply officer will be assigned to each site to resolve challenges and ensure smooth execution of the projects.

Deputy Prime Minister Koo stated, "We are also currently reviewing ways to provide additional housing for occupancy in the short term, including non-apartment types such as officetels, in order to enhance residential stability for the public." He further announced, "Within the first half of the year, we will improve the monitoring system for the misuse of business loans, expand the scope of internal monitoring by financial institutions to include corporations, and thoroughly inspect all housing-backed small loans."

Previously, financial institutions' internal monitoring was limited to individual rental business operators, but now corporate rental business operators will also be included, making it a principle to inspect all housing-backed business loans. Small loans will also be subject to this monitoring.

Regarding the response to the Middle East war, he said, "Despite the shock of the Middle East war, Korea's exports, current account balance, and stock index have all reached record highs, demonstrating the resilience of Korea in times of crisis." He added, "The government will closely monitor both domestic and international developments and work to minimize the impact of Middle East-related shocks on people's livelihoods."

During the meeting, the government reviewed supply trends and discussed stabilization measures for essential items for daily life and industry, such as syringes and needles, agricultural fertilizers, asphalt, and ready-mix concrete admixtures. The government will manage the market to prevent hoarding and market disruptions, limit the supply and sale of urea fertilizer to within last year's sales volume, and, in cooperation with the construction industry, prioritize supply of asphalt and ready-mix concrete admixtures to essential sites.

Regarding the economic growth strategy for the second half of the year, which will be announced at the end of June, he stated, "Geopolitical conflicts such as changes in trade conditions and the Middle East war are intensifying, and a rapid transition to artificial intelligence and the green economy is underway." He emphasized, "We will make every effort to seize opportunities and achieve another leap forward for the economy through structural reforms."

He also revealed plans to include measures for strengthening economic security, energy transition, and fundamental solutions to structural problems in the second half economic growth strategy, aiming to boost the potential growth rate and address polarization.

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