Ministry of Land, Infrastructure and Transport Prioritizes Review of 15 Public-Private Joint PF Projects

The Ministry of Land, Infrastructure and Transport announced on the 1st that it will prioritize the review of 15 adjustment application projects at the first working-level committee meeting of the 'Public-Private Joint Construction Investment Project (PF) Adjustment Committee' to be held on the 2nd.

At this working-level committee meeting, out of the 34 adjustment applications received, 15 projects were selected as priority review projects considering the possibility of adjustment and the urgency of project promotion, including large-scale urban development projects in Goyang City and public housing projects with private participation.

The Ministry of Land, Infrastructure and Transport has been accepting adjustment applications from project sites that have become difficult to proceed due to rising construction costs and interest rate hikes since last September to actively prevent PF insolvency. As a result, a total of 34 projects applied for adjustment. One urban development project withdrew its application after submission.

The 18 projects not included in the priority review projects (one urban development project withdrew) are planned to be reviewed through the second working-level committee meeting in November.

Nam Young-woo, Director of Land Policy at the Ministry of Land, Infrastructure and Transport, stated, "We will actively adjust public-private joint construction investment (PF) projects," and added, "We plan to continuously accept adjustment applications and support the smooth promotion of public-private joint construction investment projects."