Gyeonggi Province to Issue 700 Billion Won Construction Bonds for Third Phase New Towns Including Goyang Changneung

Gyeonggi Province will issue construction bonds worth 700 billion won to advance the development of the third-generation new towns, including Goyang Changneung, Namyangju Wangsuk 1·2, and Yongin Platform.

On October 12, Gyeonggi Province announced that Gyeonggi Housing & Urban Development Corporation (GH) had applied to the Ministry of the Interior and Safety on October 10 for approval to issue construction bonds. The purpose is to secure stable funding for prompt land compensation and site development projects.

When the planned amount of bond issuance exceeds 30 billion won, prior approval from the Minister of the Interior and Safety is required.

Gyeonggi Province plans to use the funds raised through these construction bonds for land compensation and site development costs within each district.

GH is currently carrying out multiple large-scale development projects and needs to secure liquidity to ensure their stable progress.

Gyeonggi Provincial Government

To ease the financial burden on local public enterprises resulting from the bond issuance, Gyeonggi Province is continuously requesting the central government, including the Ministry of the Interior and Safety and the Ministry of Land, Infrastructure and Transport, to improve related systems and revise laws to expand the capital of local public enterprises.

GH is also accelerating its own measures, such as the early sale of inventory assets and expanding public rental real estate investment trusts (REITs).

Gyeonggi Province plans to continue close cooperation with GH to ensure the rapid and systematic advancement of projects, in line with the government's policy to expand and accelerate housing supply in the Seoul metropolitan area.

Lee Myungseon, Director of Spatial Strategy at Gyeonggi Province, stated, "In line with the new government's plan to expand housing supply, we will cooperate with GH and promote institutional improvements so that we can supply housing in public sites in the Seoul metropolitan area as early as possible and swiftly advance these projects."