Jeong Won-joo, president of the Korea Housing Construction Association, noted in a New Year's speech on the 30th that government policy support is needed for the normalization of the dwellings construction industry, including emergency assistance for real estate project financing.
In his New Year's speech publicly available that day, Jeong stated, "It is urgent for the government to provide policy support for the normalization of the dwellings construction industry," adding, "We need effective liquidity support measures for housing businesses, including emergency assistance for the normalization of real estate project financing."
He mentioned the application of differentiated risk weights on capital adequacy ratios as a support measure for real estate project financing, along with a temporary suspension of provisions regulations for mutual financing sectors. He also urged that measures to normalize the non-apartment market, including villas, and to activate the supply of privately constructed rental dwellings, be established, and that the burden of contributed acceptance be alleviated.
Regarding measures to stimulate real estate demand, Jeong emphasized, "It is urgent to immediately abolish the total loan limit that causes loan suspensions and to establish policies such as preferential interest rates on loans for the housing support class and dwellings below the national housing size." He also proposed a plan to reduce the acquisition tax by 50% for those purchasing unsold dwellings and to exempt the capital gains tax for five years.
Jeong said that for next year’s plans, he would focus on support for member companies' participation in overseas dwelling projects, including the operation of an overseas dwelling project exploration team, as well as various social contribution activities.