South Korea’s Financial Services Commission Chairman Lee Eok-won inspected the Pungmu Station Area Urban Development Project in Gimpo, Gyeonggi Province, to review project financing conditions and urge financial institutions to support viable housing developments. The visit followed the government’s Comprehensive Financial Package for Real Estate Market Stabilization announced on August 13. The B4, B5 and C5 blocks comprise approximately 2,700 homes and secured about 600 billion won ($448.7 million) through a Korea Housing Finance Corporation PF business guarantee after market weakness and sales uncertainty disrupted the early schedule. The project later used KHFC’s Construction Cost Plus PF Guarantee to obtain additional funding as construction costs and interest rates rose. At a subsequent roundtable, KHFC said it had increased its annual guarantee target from 6 trillion won to 9 trillion won ($6.7 billion), while Kookmin Bank said it had provided about 4 trillion won ($3.0 billion) in PF loans this year and planned to expand its internal PF limits. The FSC also said it would closely manage 325 metropolitan-area PF sites expected to break ground or be completed next year.