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🇰🇷 South Korea /Energy & Infrastructure

South Korea to Buy 500 Billion Won in Public Land Reserves to Ease Housing Supply Shortage

From Chosun Ilbo · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement New plan
  • South Korea’s land ministry and LH will launch a 500 billion won public land reserve purchase program for the Seoul metropolitan area.
  • The pilot program follows the August 13 rapid housing supply measures and aims to secure land in advance to help stabilize the market.

South Korea’s Ministry of Land, Infrastructure and Transport and the Korea Land and Housing Corporation, or LH, announced on the 8th that they would invite applications for 500 billion won worth of public land purchases.

The land will be reserved as a supply and demand adjustment measure in preparation for housing shortages in the Seoul metropolitan area. The program follows the government’s August 13 plan for rapid housing supply.

The call marks the first pilot project to fully launch advance land purchases intended to secure sites for market stabilization.

About this summary

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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