To speed up the supply of dwellings across the greater Seoul area, the government, related public institutions, and the private construction industry gathered in one place and agreed to join forces.
The Ministry of Land, Infrastructure and Transport said it held a public-private joint meeting in Seoul on the afternoon of the 18th, chaired by Minister Kim Yun-duk and attended by major public institutions and officials from related associations and corporations.
This meeting was arranged to promptly implement on the ground the "rapid dwellings supply plan" announced on the 13th and to actively draw participation from the private institutional sector. The event was attended by local public corporations responsible for supply in the greater Seoul area, including Korea Land & Housing Corporation (LH), Seoul Housing and Urban Development Corporation (SH), Gyeonggi Housing & Urban Development Corporation (GH), and Incheon Housing & City Development Corporation (iH); financial support institutions such as Korea Housing & Urban Guarantee Corporation (HUG) and Korea Housing Finance Corporation (HF); and major dwellings organizations including Korea Housing Association and Korea Housing Builders Association.
The government and public institutions noted that the public sector will handle more than one-third of the "1.5 million units+α" groundbreaking plan for the greater Seoul area presented in this package. With the responsibility of the public institutional sector heavier than ever, they affirmed the resolve to achieve the supply target, a promise to the public, despite any difficulties.
Minister Kim instructed public institutions to undertake fundamental overhauls of their organizations, staffing, and finances so they can supply dwellings on the front lines without disruption, and promised that if difficulties arise during project execution, the government will provide full support.
In addition, the Ministry of Land, Infrastructure and Transport (MOLIT) emphasized revitalizing the sluggish private construction market. It said it has repeatedly listened to on-site voices to analyze the causes blocking dwellings supply and, based on this, prepared support measures such as tax relief, financial benefits, easing of city and architecture-related regulations, and incentives for rapid groundbreaking.
The dwellings construction industry welcomed the measures, saying they will provide tangible help in improving the private sector's business environment. At the same time, it proposed swiftly completing related legal amendments and follow-up procedures so these institutional changes can quickly take root on the ground.
Minister Kim urged, "To swiftly deliver supply outcomes that the public can feel, break decisively from existing work processes and practices, and engage in a speed race for supply with extraordinary determination and execution at a level different from the past," while asking public guarantee institutions such as HUG and HF to "focus all-out capabilities on restoring the supply ecosystem by delivering the largest-ever guarantee supply and drastically shortening review procedures."
Kim added, "We will spare no multifaceted support, including finance, tax, and regulation, to normalize the private supply ecosystem," and "We will carry out follow-up measures related to the supply package without a hitch and swiftly to secure the execution and credibility of this package."