Accelerating Housing Supply... 'PF Financial Difficulties Resolution Center' Launched

[Financial News] The Real Estate Project Financing (PF) support center at the Financial Supervisory Service will be expanded into the 'PF Financial Difficulties Resolution Center.' The government plans to swiftly resolve financial difficulties at housing construction sites, support housing supply, and help stabilize home prices. 
On the 28th, the Financial Services Commission (FSC) and the Ministry of Land, Infrastructure and Transport held the 'Kickoff Meeting for the Regular Meeting with the Financial and Construction Industries' at Government Complex Seoul in Jung District, Seoul, and discussed these measures. The meeting was attended by financial public institutions, Korea Housing & Urban Guarantee Corporation (HUG), Korea Housing Builders Association, Korea Developer Association, Korea Construction Association, the Five Major Commercial Banks, and major securities firms handling PF deals. 
First, the FSC decided to swiftly implement 11 of the financial support tasks included in the Aug. 13 measures within this month. For items that require legal revisions, such as securing a budget for the CAMCO Fund, it will proceed without disruption. It also asked the financial sector for active cooperation to revise syndicated loans and create additional industry-specific funds. The government will review self-implementation plans for troubled housing projects in the Seoul metropolitan area, analyze the causes of delays, and work to normalize them. 
The Ministry of Land, Infrastructure and Transport also decided to speed up follow-up measures so that the institutional reforms included in the Aug. 13 package can be quickly applied on site.
The Financial Supervisory Service and Korea Development Bank (KDB) will establish the 'PF and Construction Company Financial Difficulties Resolution Center.' Starting in September, if private financial firms, developers, or contractors face difficulties in the process of PF public guarantees, CAMCO Fund matching, or consultations with the banking, securities, insurance, installment financing, and mutual finance sectors, they can request assistance through the center. KDB plans to set up a construction company financial difficulties resolution center to unify the communication channel. 
Vice Chairperson of the FSC Kwon Dae-young emphasized, "The financial sector must provide firm funding for housing supply, and the government and related institutions must swiftly carry out follow-up measures," adding, "I hope the construction industry will continue to actively raise issues from the field."
Kim Yi-tak, first vice minister of the Ministry of Land, Infrastructure and Transport, said, "To expand housing supply, we will continue working with the financial sector so that funds can be smoothly provided to actual supply sites, along with swift institutional reforms."

[email protected] Lee Jumi Reporter