"Pushed to the edge by loan regulations"... Knowledge industry center buyers plan another collective action

[Financial News] Buyers of knowledge industry centers, who are struggling under strict loan regulations, are once again preparing collective action. Their organizations have already held three rallies, calling for improvements to the current lending rules.
According to industry sources on the 8th, the National Association of Knowledge Industry Center Buyers and Owners plans to hold a "4th rally for institutional reforms related to knowledge industry centers" near Gyeongbokgung Station in Seoul on May 1.
Since the end of last year, these groups have continued to stage rallies, urging the government and other authorities to revise the system. For knowledge industry centers, both interim and final payment loans have effectively been cut off, leaving not only buyers but also developers and construction firms facing cascading financial difficulties.
The association argues that, although the government is now pushing to convert some knowledge industry centers to residential use, many buyers are already on the brink of bankruptcy because of the loan regulations.
A representative of the association said, "Excessive loan regulations on knowledge industry centers must be reasonably eased," adding, "With final payment loans blocked, many buyers are suffering under the burden of overdue interest and other financial pressures."
Industry officials also say that, to prevent a full-blown crisis in the knowledge industry center market, loan access must be opened up for genuine end-users. One industry insider noted, "The turmoil in the knowledge industry center market is not just a problem for buyers; it is affecting developers, builders, and the entire construction ecosystem," and stressed, "The process for changing usage should be made easier, and loan regulations should be relaxed as well."
ljb@fnnews.com Lee Jong-bae Reporter