Ministry of Land, Infrastructure and Transport hosts the global event to take up problems associated with old city resurrection projects among Korean municipal planning experts from U.S., Britain, and Japan; HUG to take charge of financing for municipal r
The participants in the Int'l Conference for 2018 Urban Regeneration led by Minister Kim Hyun-mee of the Ministry of Land, Infrastructre and Transport(MOLIT), center in front row, and President Lee Jae-kwang of the Korea Housing and Urban Guarantee Corp.(HUG) pose for a photo session during the event held on May 11 at the Korea Chamber of Commerce and Industry building in Seoul.(Photo: MOLIT)
The Ministry of Land, Infrastructure and Transport (Molit) hosted the Int’l Conference for Urban Regeneration 2018 on May 11 at the International Room at the Korea Chamber of Commerce and Industry (KCCI).
The participants at the global event included Korean city planning experts working abroad in such countries as Britain, the U.S., Japan and others to discuss the city planning and the associated problems.
Professor Sohn Jong-won of London University said the Canary Wharf took some 20 years to fix its problems, starting with conflicts involving the relocation of indigenous peoples and the default of the builder, among others. Professor Song Jun-hwan of Yamaguchi University in Japan said different systems are needed for the projects in city planning. Many problems will inevitable pop up in the course of the work on the such project.
President Kim Yong-chon of Seocom Pacific Co. said harmony is needed between the private sector and the administration for any city planning projects. Projects such as those completed in Las Vegas and New York were completed by civilian companies not involving city administrations.
President Lee Jae-kwang of Korea Housing and Urban Guarantee Corp. (HUG) considers the City Revival New Deal that the government has been pushing accompanies both opportunities and risks. It is the road that HUG has never traveled as its main job has been issuing guarantees for housing construction projects.
The government gave HUG new functions and responsibilities. The company now will be responsible for measuring risks associated with city revival projects and invest funds for the projects and recoup investments after they are completed. HUG will take care of all of the matters involving the funds, meaning all matters related to the continuation of the city revival projects depend on HUG.
The CEO said HUG will have to hire new experts in diverse areas of infrastructure construction so that the company will be able to take care of its d new areas of responsibility in connection with the entire financial areas covering the city revival projects that HUG will have to take care of from now on. The company will have to develop new financial products apart from credit guarantees that it has been responsible for, Lee added.
HUG has been engaged in the development of various new financial products for the city revival projects that the government will take up. The president said HUG has been after the financial products for the revival projects for the closed down schools and the industrial complexes.
He said HUG has been working on the new guarantee products for rental commercial shopping districts to be ready for the gentrification projects which will have the commercial shops driven out of the dilapidated commercial complexes.
For example, the “Kind Commercial Store Complex” will get the special financial support with low interest rates for charging lower rentals for commercial stores that were built in the closed down school sites under the city revival plan project, the HUG CEO said. Korea Housing and Urban Guarantee Co., Ltd. provides various types of housing guarantees and implements government policies for housing and urban projects.
The company engages in the provision of guarantee for housing completion, rental deposit, cooperative housing completion, etc.; and national policies support, including the guarantee for a refund of Jeonse deposit, guarantee for mortgage, etc. It also engages in the business entrusted by national or local governments, including the entrustment of profit (loss) sharing mortgage program, etc.; and the operation and management of NHUF (national housing and urban fund) under NHUF Act. Korea Housing and Urban Guarantee Co., Ltd. was formerly known as Korea Housing Guarantee Co., Ltd. and changed its name to Korea Housing and Urban Guarantee Co., Ltd. in July 2015.
The company was founded in 1999 and is headquartered in Busan, South Korea.
국토교통부(장관 김현미)와 국토연구원(원장 김동주)은 도시재생 뉴딜의 성공적 추진을 위하여 『2018년 도시재생 국제컨퍼런스』를 5월 11일(금) 대한상공회의소 국제회의장(서울 중구)에서 개최했다.
이번 컨퍼런스는 재외 한국인 도시재생, 스마트시티 전문가를 초청하여 해외 도시정책과 사례를 공유하고, 도시재생 뉴딜의 새로운 발전방향을 모색하기 위한 것으로 도시재생사업에 관심 있는 청년창업가, 사회투자자, 현장활동가, 관련분야 전문가 등 약 300여명이 참석했다.