NEWS BRIEF

[Anchor Lead]

Finance Minister Hong Nam-ki says 25 candidate sites and 26,000 households for Seoul’s urban redevelopment project will be selected to prevent any disruptions in future downtown renovation programs. The project aims to simplify procedures for areas with high redevelopment potential. The first candidate site is now under review and a second is expected to be chosen by the end of the year.
A local civic group claims that estimated profits of 19.2 trillion won were gained through land purchases and apartment sales in Gwangmyeong and Siheung. The People’s Solidarity for Participatory Democracy urged the government to block private sales of public housing in the development projects, saying it undermines the purpose of building public housing sites.
A report by the National Assembly Research Service says that although global streaming sites like Netflix are making huge profits in Korea, they don’t make any contribution to the public fund set up for developing the local contents industry. The report comes amid calls for such firms to contribute to the Broadcast Communications Development Fund.