Posted December. 16, 2005 08:34,
Assistant Vice Minister of Finance and Economy Kim Seok-dong said in a press conference yesterday we recently secured three million pyeong out of the 45 million pyeong of residential land that we pledged to supply to the metropolitan area as part of the 8-31 comprehensive real estate policy, and the three million pyeong can be designated as a prospective development zone.
He added, The three million pyeong is made up of a combination of land parcels that are scattered across the metropolitan area. But he refused to point out where those land parcels are located. The area of the new town of Pankyo in Sungnam, which is under construction, is about 2.8 million pyeong.
The government announced that 45 million pyeong of residential land would be needed to supply 300,000 houses a year to the metropolitan area in the next five years as it disclosed its 8-31 policy.
In line with the policy, beside the 30 million pyeong the government had already secured, it pledged to develop 12 million pyeong into residential areas in the new towns of Kimpo and Songpa Koyo, and to secure an additional three million pyeong
Before the press conference, the assistant vice minister said at a regular briefing in the Government office in Gwachon, In the first half of 2006, we will announce measures to reform the insurance sector and promote competition in the industry by blurring the line between life insurance and non-life insurance businesses.
He added, When the act on integration of capital markets is enacted next year, regulations on the assets that funds, such as securities funds and real estate funds, can operate will be removed, allowing funds to invest in diverse assets, including real estate and securities.