The government will support the timely development of land in Seoul returned from the U.S. military and property purchased by Hyundai Motor Group to fuel investment, South Korea's top economic policymaker said Wednesday.
  

In a meeting of economy-related ministers in Seoul, Choi Kyung-hwan said the government will shorten the administrative process for the large projects.
  

For the land to be taken over from the U.S. Army in Yongsan, central Seoul, measures will be implemented so that actual development can start later in the year, the finance minister said.
  

The Yongsan headquarters is scheduled to be relocated to Pyeongtaek, some 70 kilometers south of the capital.
  

In regards to the former Korea Electric Power Corp. land purchased last year by Hyundai for 10.55 trillion won ($9.55 billion), he said work will likely start in 2016.
  

Hyundai, the world's fifth-largest automotive conglomerate, said it wants to build its main office on the site along with a convention center, hotel and shops.
  

Besides these projects, Cho said the 1 trillion won tourist hotel expansion project will be implemented in the first quarter, along with the expansion plan for the Techno Valley in Pangyo, south of Seoul, to be finalized in the first half.
  

Choi said that while there has been rise in housing transactions, the government is keeping close tabs on the spike in "jeonse," a local term for long-term deposits on leased homes, that can become a repayment burden for home owners if the people renting their homes opt to change residence.
  

"Officials are monitoring risks associated with jeonse deposits," he said. (Yonhap)