[Asia Economy Reporter Kim Min-young] The Housing and Urban Guarantee Corporation (HUG) announced on the 27th that it held a meeting with a delegation from the Indonesian Ministry of Finance and the Public Housing Subscription Savings Management Agency (BP Tapera) to transfer the housing sales guarantee system and know-how on the operation of the Housing and Urban Fund, and to discuss cooperation plans.
The meeting took place at HUG's headquarters in Busan, with participation from Kwon Hyung-taek, President of HUG; Adi Setianto, Head of BP Tapera; Hadiyanto, Director of the Indonesian Ministry of Finance; and officials from both sides.
HUG explained its overall operations, including the housing sales guarantee system for the rapid large-scale housing supply in Indonesia. It also introduced the experience accumulated from operating the Housing and Urban Fund and Korea's housing subscription system.
The Indonesian government has continuously expressed interest in introducing the housing sales guarantee system to meet the need for large-scale housing supply related to the Nusantara new capital city development project and to protect the property rights of sales contract holders. During this meeting, they requested ongoing cooperation with HUG.
To transfer the housing sales guarantee system to Indonesia, HUG signed a business agreement with the Indonesian Special Multifinance Company (SMF) in 2019, and last year conducted an online training session for over 150 Indonesian officials, including the Deputy Minister of the Ministry of Economic Affairs.
Kwon Hyung-taek, President of HUG, said, "I hope this meeting with the Indonesian delegation will serve as a foundation for the introduction of Indonesia's housing guarantee system and the development of the housing subscription system." He added, "HUG will continue to promote Korea's housing policies overseas, including housing sales guarantees, and strive to expand overseas cooperation projects."
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