An aerial view of Seoul (Yonhap)
State-run Korea Land & Housing said Monday it plans to place a series of housing and land development project orders worth 20.5 trillion won ($16.8 billion) across the peninsula this year, in order to prop up the nation’s shrinking economy hit by the COVID-19 outbreak.
The amount is double that of the previous year. Of the total, 34 percent of the total budget will be spent within the first half of this year, in a bid to address the economic downturn as Korea struggles to contain the nationwide spread of the virus.
The projects will contribute to “boosting the economy and creating new jobs during the slowdown,” LH said in a statement.
Over two-thirds of the budget will go for housing construction, while the rest will be spent on infrastructure projects -- railroads, bridges, roads, electricity and telecom networks, among others.
By regions, over half of the budget, or 10.8 trillion won, will be spent in Gyeonggi Province and Incheon while 1.8 trillion won has been allocated for projects in Seoul.
By Son Ji-hyoung (email@example.com