Osan and Gyeongsan newly designated as unsold housing management areas; Gangneung removed

[Financial News] Osan in Gyeonggi Province and Gyeongsan in North Gyeongsang Province were newly designated as unsold housing management areas this month. Gangneung in Gangwon Province was removed from the list, bringing the total number of management areas to five, up by one from the previous month.
On the 7th, the Korea Housing & Urban Guarantee Corporation (HUG) designated Incheon Yeongjong-gu, Osan in Gyeonggi Province, Busan Gangseo-gu, Cheonan in South Chungcheong Province, and Gyeongsan in North Gyeongsang Province as unsold housing management areas for October.
The designation period for newly added Osan and Gyeongsan runs from the 10th of this month through November 9. The existing management areas of Incheon Yeongjong-gu, Busan Gangseo-gu and Cheonan in South Chungcheong Province will also remain designated through November 9.
As of August, these five areas had a combined 11,235 unsold housing units. That was about 16.2% of the nationwide total of 69,134 unsold units.
Unsold housing management areas are selected from among cities, counties and districts that have at least 1,000 unsold housing units and an unsold-housing rate of at least 2% of their multi-unit housing stock, and that meet at least one of these criteria: an increase in unsold homes, slow clearance of unsold homes, or concern about unsold homes.
Osan, Busan Gangseo-gu and Gyeongsan met all three criteria. The criteria of slow clearance of unsold homes and concern about unsold homes were applied to Incheon Yeongjong-gu and Cheonan in South Chungcheong Province.
Projects seeking a presale project financing (PF) guarantee in an unsold housing management area must undergo a preliminary review. Details of the review and the designation announcement are available through HUG’s website, call center and nationwide branch offices.
[email protected] Choi Ga-young Reporter