Financial regulator chief orders all-out support for housing supply in Seoul and the capital region

Financial Supervisory Service Governor Lee Chan-jin has ordered the regulator to put all its financial-support capacity behind faster housing construction in Seoul and the capital region.

The directive follows the government’s Aug. 13 housing supply measures. At an executive meeting on Sept. 1, the Financial Supervisory Service said it would increase staff handling residential real estate project financing, known as PF.

Until now, one department had been responsible for residential PF oversight. The regulator plans to broaden that work by coordinating with the inspection bureaus responsible for each area. It will also assign officials to individual development sites for closer management.

“

Concentrate all capabilities on financial support so that housing can be supplied quickly and in large volumes in Seoul and the capital region.

The first priority will be 325 residential projects in regulated areas of the capital region that are scheduled to provide housing next year. Lee instructed officials to work with the Transport Ministry, Korea Land and Housing Corp. and financial institutions so that each site receives tailored support when delays or obstacles emerge.

The regulator said it would mediate financing difficulties through cooperation with banks and policy-guarantee institutions. The source does not provide further details on the additional measures for other project obstacles.

“

If project delays or difficulties are identified, actively cooperate with related institutions such as the Ministry of Land, Infrastructure and Transport and Korea Land and Housing Corp., as well as the financial sector, so that tailored support for each site is provided in a timely manner.