Choo Kyung-ho "Reconstruction Burden Relief Plan to be Announced This Week"

"Excessive Reconstruction Charges Raise Concerns Over Redevelopment and Reconstruction Slowdown"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is presiding over the full meeting of the Public Institution Management Committee held at the Government Seoul Office in Jongno-gu, Seoul on the 23rd. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Han Jinju] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 25th, "We plan to announce measures to ease reconstruction charges before the end of September this week."

Deputy Prime Minister Choo appeared on KBS's 'Sunday Diagnosis' on the same day and, when asked about concerns over a sharp decline in the real estate market, responded, "There are criticisms that reconstruction charges in Seoul and other areas are excessive and suppress necessary redevelopment and reconstruction."

Choo said, "Recently, there are many concerns about a sharp decline as transactions have slowed down and both jeonse prices and housing prices are heading downward," adding, "In the real estate market, neither a sharp rise nor a sharp fall is desirable, and the policy direction is downward stabilization."

He emphasized, "We are making efforts to achieve a soft landing by gradually easing regulations that were in place during the overheated real estate market, such as almost lifting the designation of adjusted areas in the provinces and partially lifting some speculative overheating zones."