[REVISION HISTORY]

South Korea accelerates housing delivery and land repurpose

Updated 2 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-24 02:41 UTC → 2026-08-26 02:59 UTC · added ~~removed~~

In early July 2026, President Lee Jae‑myung appointed former presidential secretary Lee Seong‑hoon as president of Korea Land & Housing Corp (LH), ending an eight‑month vacancy. Lee was sworn in on 6 July and reiterated five priority tasks: speeding housing supply, improving public‑home quality, balanced regional growth, AI‑ and ESG‑based management, and safety. He began reorganising LH, announcing the replacement of six directors and the vice‑president to streamline decision‑making for new‑town and public‑housing projects. Since taking office, LH launched 2,306 homes in the Goyang‑Changreung third‑new‑town project and 378 units in Gunpo’s Daeyami public‑rental‑to‑sale conversion. The corporation also accelerated compensation for the Gwangmyeong‑Siheung new‑town, beginning payments on 31 July—four months ahead of schedule—covering 13,000 land and structure owners. Additionally, under the ~~“LH~~ ‘LH Generation‑Resonance ~~Sharing+”~~ Sharing+’ programme, LH is converting vacant space in Gwangju’s Seogu district into a public indoor play facility. To further bolster supply, President Lee ordered a rapid‑innovation team to accelerate the conversion of vacant and non‑residential land—including potential green‑belt releases in Gangnam—into housing. This effort includes speeding up approvals and environmental reviews for stalled projects in Hanam and Bucheon. In late August, the National Assembly passed six legislative bills to support these efforts. The laws provide a legal framework for repurposing aging public offices, closed schools, and abandoned buildings into residential areas. Key measures include the ‘Special Act on the Complex Development of Aging Public Offices’ and a ‘Vacant Building Maintenance and Support Special Act’ to manage abandoned sites. To encourage development, the government will offer incentives such as relaxed floor area ratios for donating renovated vacant buildings to local authorities. Building on these legislative efforts, the government is expanding a program to convert stalled or delayed real estate project financing (PF) sites into public rental housing managed by LH.

Versions

Only revisions since CLSTR began indexing content versions appear here. Select a version to see what changed compared to the one before it.