Ministry of Economy and Finance & Ministry of Land, Infrastructure and Transport 3rd Real Estate Task Force
The government will temporarily expand the Housing and Urban Guarantee Corporation (HUG) unsold housing loan guarantee limit to 70% of the sale price regardless of exclusive area to resolve unsold housing in local areas.
On the 9th, the government held the '3rd Real Estate Market and Supply Situation Inspection Task Force (TF)' chaired by Kim Beom-seok, First Vice Minister of the Ministry of Economy and Finance, and Jin Hyun-hwan, First Vice Minister of the Ministry of Land, Infrastructure and Transport, to review the implementation plan of the housing supply measures announced the previous day.
To resolve unsold housing in local areas, the government will launch an unsold corporate restructuring (CR) REIT next month and shorten the review period to within two weeks to support prompt registration.
To alleviate difficulties faced by construction businesses, the HUG unsold PF loan guarantee limit will also be expanded to 70% of the sale price regardless of exclusive area until the end of next year.
For non-apartment new purchase rental housing, which is scheduled to supply more than 110,000 units mainly in the metropolitan area by next year, the government will check the contract performance monthly from the end of this month and purchase without limit until supply normalizes. As of the end of last month, 77,000 units of new purchase rental housing have been received.
The 22 trillion won scale unsold purchase commitment for public land in the metropolitan area will accept applications starting from the 19th. The plan is to conclude purchase agreements within next month and visualize results in a short period.
Regarding the expanded real estate project financing (PF) loan guarantee, the government will inspect to ensure funds are supplied and will accelerate redevelopment and reconstruction projects by gathering expert opinions on the 'Act on Promotion of Reconstruction and Redevelopment.'
The government also plans to support expert personnel from the Korea Real Estate Board to mediate disputes in construction cost conflict projects.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
