Changwon Special City, "Be Cautious of Cooperative-type Private Rental Housing Projects"

Changwon Special City in Gyeongnam recently urged citizens to be cautious about joining cooperatives (investors, etc.) regarding the "Recruitment and Sale of Rental Housing Investors" promoted through housing exhibition halls and the internet, and is providing guidance on the "Essential Confirmation Items for Cooperative Membership."

Changwon Special City Hall.

The issue with the "Cooperative-type Private Rental Housing Project" is that the cooperative constructs rental housing and supplies it preferentially to cooperative members, who are individual project participants, and after renting for 10 years, converts it to sale. Therefore, all responsibility lies with the cooperative members.

This involves uncertain business plans and the possibility of delays in the project due to failure to secure land ownership in time during land acquisition or changes in the business plan. Additional contributions and internal disputes within the cooperative may arise, causing mental and financial damage that falls entirely on the cooperative members, so joining the cooperative should be done with caution.

Changwon City is conducting additional promotions by distributing the "Essential Confirmation Items for Cooperative Membership" for private rental housing on the city website under sector-specific information, urban/architecture, and apartment status posts to prevent cases of damage caused by citizens' lack of understanding of the "Cooperative-type Private Rental Housing Project."

Moon Sang-sik, Director of the Urban Policy Bureau, stated, "Our city has not yet received any reports of cooperative member recruitment approval. Recently, the architectural plans provided when recruiting cooperative members (investors, etc.) through housing exhibition halls and the internet are not approved business plans but arbitrarily prepared documents. There is concern about damage due to project delays at the business plan approval stage, so we ask that you thoroughly verify the facts before joining."

For more detailed information, please refer to the notice posted on the Changwon City website or contact the Housing Policy Division of the Urban Policy Bureau for guidance.