Talks on the plan to increase the supply of dwellings, which the government has been pushing as a follow-up to the "Oct. 15 real estate measures," have entered the final stage. The specific plan is expected to be announced in January next year.
Park Su-hyeon, senior spokesperson for the Democratic Party of Korea, said at a briefing on the results of the 5th high-level party-government consultative meeting held on the 21st at the prime minister's official residence in Seoul that, when asked about the timing of the announcement of the dwellings supply measures, "(Kim Yun-duk) the Minister of the Ministry of Land, Infrastructure and Transport mentioned at a (National Assembly) standing committee that the announcement of the real estate supply measures could be pushed to January (next year)," adding, "I will substitute that as the answer." On why the announcement timing has been delayed, Park said, "We are making considerable progress on parts that require consultation and agreement with local government heads," adding, "We are proceeding with some parts that have not reached the finish line."
Park, the senior spokesperson, assessed that the short-term overheating of Seoul and greater Seoul area home prices has somewhat cooled since the announcement of the Oct. 15 measures. However, Park said there is upward price pressure such as weak supply and liquidity, and the market will be closely monitored.
Park, the senior spokesperson, said, "The party asked the government for an all-out response to stabilize the dwellings market," and added, "The government said it will swiftly flesh out the supply plan so that the public can have confidence in stable supply, and will also do its best to manage dwellings demand, including household loans."
Meanwhile, the party and government agreed to promptly pass the special act on renewable energy self-reliant cities to create "RE100 (100% renewable energy use) industrial complexes," and then to begin full-fledged work on building the complexes. The party will support the enactment of the special act, and the government will prepare by reviewing subordinate legislation and refining investment incentives for corporations so that the project can start quickly after the act passes.
The council also discussed restructuring in the petrochemical and steel industries. Petrochemical corporations in the three industrial complexes (Yeosu, Daesan, Ulsan) submitted business restructuring plans on the 19th in line with the government's "petrochemical industry relaunch direction." When corporations submit business restructuring plans, the government will deliberate on approval and announce project-specific support packages. For the steel industry, in accordance with the "steel industry advancement plan" announced on Nov. 4, the government will flesh out reduction plans focusing on the rebar sector, where equipment rationalization is urgent.