Ministry of Economy and Finance and Ministry of Land, Infrastructure and Transport, Real Estate Market and Supply Situation Inspection TF
Kim Beom-seok, Vice Minister of Strategy and Finance, is delivering opening remarks at the "8th Real Estate Market and Supply Situation Inspection Task Force Meeting" held on the afternoon of the 20th at the Government Seoul Office in Jongno-gu, Seoul.
The government stated that although the rise in Seoul apartment prices has slowed due to the Chuseok holiday and other factors, it will closely monitor the impact of the August 8 supply measures, market liquidity, household loan management, and overall market conditions.
On the 20th, the Ministry of Economy and Finance announced that it held the 8th Real Estate Market and Supply Situation Monitoring Task Force (TF) meeting, jointly chaired by Kim Beom-seok, the first vice minister of the Ministry of Economy and Finance, and Jin Hyun-hwan, the first vice minister of the Ministry of Land, Infrastructure and Transport, where these matters were discussed.
According to the government, the number of applications for public new construction purchase agreements aimed at normalizing the non-apartment market increased from 77,000 units at the end of July to 125,000 units as of the 13th. Among these, about 35,000 units have passed the review process.
Regarding the purchase commitments for unsold lots in public housing sites in the metropolitan area, approximately 19,000 units have been committed by 23 companies so far. The Korea Land and Housing Corporation (LH) plans to induce early construction by promptly concluding agreements with the applying companies.
Additionally, the government decided to proceed without delay with support measures for real estate project financing (PF) projects. For the expanded PF loan guarantee supply, increased from 30 trillion to 35 trillion won to facilitate smooth funding for normal projects, a cumulative total of 25.2 trillion won (as of the 6th) has been approved.
Regarding the evaluation of real estate PF projects, the government stated, "Since the first evaluation targeted projects with a high possibility of insolvency, it is expected that there will not be many additional projects of concern or at risk among the remaining evaluation targets."
The government plans to conduct feasibility evaluations for all projects outside the first evaluation group by November. Starting in December, it will shift to a regular evaluation system conducting quarterly assessments for all real estate PF projects.
Furthermore, for real estate PF projects that are feasible but temporarily experiencing liquidity difficulties, LH is promoting a plan to purchase land after reviewing project feasibility to restore normalcy. A second purchase application announcement is scheduled for the end of this month.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
