Seoul City-Korean Air 'Songhyeon-dong Land' Agreement Ceremony Temporarily Postponed

[Asia Economy Reporter Hwang Yoon-joo] The final agreement ceremony between Seoul City and Korean Air regarding the so-called 'Songhyeon-dong land' sale was suddenly canceled a day before the event.

According to the Anti-Corruption and Civil Rights Commission (ACRC) on the 25th, the final agreement ceremony for the sale involving Seoul City, Korean Air, and Korea Land and Housing Corporation (LH), which was scheduled to be held at the Songhyeon-dong site in Jongno-gu, Seoul on the morning of the 26th under the ACRC's supervision, has been tentatively postponed.

The ACRC has remained silent on the reason for the postponement, but some in related industries speculate that it was due to disagreements from the Seoul City side.

Earlier, since Seoul City announced in March its plan to convert the Korean Air-owned Songhyeon-dong land into a park, conflicts between the two parties have continued.

The ACRC reportedly mediated a tentative agreement in which Seoul City proposed securing the Songhyeon-dong land through LH via a 'third-party purchase' method and exchanging it for city-owned land.