S. Korea to lift development restrictions on `green belts`

SEOUL, Sept. 30 (Yonhap) -- South Korea said Tuesday that it plans to lift
development restrictions on lands designated as "green belts" in order to provide
more space for houses and industrial sites.

According to the Ministry of Land, Transport and Maritime Affairs, up to 308
square kilometers of land will be available for construction after their green
belt designation is removed. The decision was finalized at a Cabinet meeting held
earlier in the day.
Detailed areas will be determined by the end of October of next year at the
latest, the ministry said.
The move comes in the wake of sweeping measures announced by the ministry on
Sept. 19 under which the government will provide a total of 5 million houses over
the next decade in an effort to meet rising demand and stabilize soaring property
prices.
The Lee Myung-bak government, inaugurated earlier this year, is seeking to
resuscitate sluggish domestic demand and boost the local economy by easing
regulations and providing tax cuts. The construction sector currently accounts
for around 18 percent of the nation's gross domestic product.