South Korea Postpones 'Yongsan Special Act' Processing by One Week

The South Korean National Assembly has postponed the processing of the 'Yongsan Special Act' and other real estate-related legislation by one week. The decision was made on August 20th, following discussions between the ruling and opposition parties regarding the bills slated for the plenary session.

The delay is intended to allow for the integration of outcomes from an ongoing discussion between the Minister of Land, Infrastructure and Transport and the Mayor of Seoul. These discussions focus on housing supply strategies and deregulation measures for urban regeneration projects in Seoul. The government and the Seoul Metropolitan Government have had differing views on the development of the Yongsan Park area, with the government considering it for housing supply and the city emphasizing park preservation.

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We have decided to postpone the processing of several bills next week to reflect the discussion results.

Cheon Jun-ho, the floor leader of the Democratic Party of Korea, and Kim Seung-soo, the senior deputy floor leader of the People Power Party, announced the decision after their meeting. Cheon stated that several bills, including the Yongsan Special Act, the Urban Maintenance Act, and the Urban Redevelopment Act, would be held back to reflect the results of the minister and mayor's talks.

The revised plan is to process these bills in the plenary session scheduled for August 26th, after incorporating any necessary adjustments based on the inter-governmental discussions. In addition to these real estate bills, the National Assembly also planned to process approximately 70 other bills that were not addressed in the first half of the parliamentary term or have passed the Legislation and Judiciary Committee in the latter half.

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We will review the discussion content between the Minister of Land, Infrastructure and Transport and the Mayor of Seoul and process them next week.