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Existing city GH participation rate only 8.8%
Gyeonggi-do and local governments’securing stakes’ life and death
Constant discussion with the government… Negotiation expectations
City’sufficient capital’ is also homework
As Gwangmyeong and Siheung districts are included in the 3rd new city, attention is focused on whether the stigma of’the 3rd new city without the region’ can be removed. Gyeonggi-do, Gwangmyeong-si, and Siheung-si are putting their lives and deaths on securing shares in order to prevent development profits from leaking to other regions or falling into simple bed towns that have lost their self-sufficiency function.
According to Gyeonggi Province on the 25th, among the three new cities, Hanam Gyosan (GH 30%, Hanam 5%), Gwacheon Gwacheon (GH 30%, Gwacheon 15%), and Ansan Jangsang (GH 20%, Ansan 10%) have secured shares. Converting the stakes secured by GH (Gyeonggi Housing and Urban Corporation) into the total area of the 3rd new town is only 8.8% and 8.3% of the total supply number.
Dodo and GH are putting their lives and deaths on securing a stake in Changneung, Goyang, where the compensation process has not yet begun, but it is a report card that is far from the slogan of’a new city created with the region’ originally proposed by the Ministry of Land, Infrastructure and Transport.
Accordingly, it is expected that the Gwangmyeong and Siheung districts announced on the 24th will start securing shares in earnest.
Although only 70,000 units in the Gwangmyeong and Siheung districts were confirmed among the 180,000 units in the metropolitan area announced in the second and fourth measures, the Ministry of Land, Infrastructure and Transport aims to secure the largest stake in consideration of the financial conditions of Doo and GH. Korea Land and Housing Corporation) and others.
It is explained that there will not be a shortage of finances as there has been an analysis that up to 50% of equity participation will be possible in the third new town in the province.
In addition, since the time of designation of the Bogeumjari housing district in 2010, there are expectations that negotiations will proceed smoothly as the Ministry of Land, Infrastructure, and Province, the provinces, and Gwangmyeong City have steadily discussed the development issues of Gwangmyeong and Siheung Special Management Areas.
The cities of Gwangmyeong and Siheung also started to raise capital. It is possible to issue debt up to 200% of the capital, but the current capital of Gwangmyeong Urban Corporation is only 25 billion won, which is facing the limit of securing shares. Siheung City was the same, so securing sufficient capital was the biggest task.
A provincial official said, “It is not time to present the goal of securing shares because there is still an announcement of housing supply, but in order for the development profit to be returned to the region and the third new town to become a self-sufficient city, the participation of provinces and cities that know the characteristics of the region. Is important,” he said. → Refer to the table, 2 pages of related articles (Landlords in Gwangmyeong Siheung Special Management Area’Resist’ to Announcement of 3rd New Town)
/ Giwi-deok Lee and Seong-Ji Kim [email protected]