New towns to be built away from Seoul

Massive new towns are to be created around Chonan Station along the Seoul-Pusan High-speed Railway, and in southwestern Taejon and the Namak district of Mokpo City.

Also, the transfer income tax for the purchase of new homes smaller than 25.7 pyong will be exempted over the next five years, while the acquisition tax and registration tax will be reduced 25% by the end of next year for the purchase of new houses of 18-25.7 pyong in size.

The government has worked out such a plan to inject vitality into the construction business, which is the main reason for the depression in the regional economy. Initially, the government intends to create new towns in Chonan, Taejon and Mokpo in order to develop them just like the Seoul metropolitan area.