The government has urged public institutions and the housing construction industry to accelerate housing supply in order to achieve the target of starting construction on 1.5 million units plus alpha in the capital area.

The Ministry of Land, Infrastructure and Transport (MOLIT) held a meeting today (August 18) chaired by Minister Kim Yoon-duk with relevant public institutions and housing construction industry representatives to review follow-up action plans for the "swift housing supply measures" announced on August 13.

Attendees included officials from the Korea Land and Housing Corporation (LH), Seoul Housing and Communities Corporation (SH), Gyeonggi Housing & Urban Corporation (GH), Incheon Urban Corporation (iH), Korea Housing & Urban Guarantee Corporation (HUG), Korea Housing Finance Corporation (HF), the Korea Housing Association, the Korea Housing Builders Association, the Korea Developers Association, and major construction companies.

MOLIT and public institutions agreed that the public sector accounts for more than one-third of the construction start target of 1.5 million units plus alpha in the capital area presented through the September 7, January 29, and August 13 measures, and that the supply targets must be met without a hitch.

Minister Kim instructed public institutions to formulate fundamental response measures for housing supply, including financing, organization, and manpower.

He also expressed the government's commitment to providing all-round support if necessary requirements are proposed during the project implementation process.

As MOLIT improves financial, tax, urban, and architectural regulations while providing incentives for early construction starts, the ministry asked the housing construction industry to actively participate in expanding the supply.

The industry requested expedited processing of related bills and follow-up measures so that regulatory improvements can be swiftly applied on the ground.

Minister Kim stated, "Please boldly break away from conventional business methods and practices, and approach the acceleration of housing supply with an extraordinary resolve and execution capability unlike anything in the past."

He also asked public guarantee institutions such as HUG and HF to "supply the largest-scale guarantees in history and drastically shorten screening procedures."

(Photo provided by the Ministry of Land, Infrastructure and Transport, Yonhap News)