Owners of real estate along parts of the four major rivers subject to public works as part of a giant project to improve the waterways will be paid some W600 billion in compensation (US$1=W1,236). The government is to buy out owners between September and the end of the year.
The Ministry of Land, Transport and Maritime Affairs on Thursday said it will start compensation payments to land and facility owners after finishing a survey of 105.5 million sq. m of land and 18,100 facilities such as greenhouses along the Han, Nakdong, Geum and Yeongsan rivers.
The government is expected to disburse W600 billion, 22 percent of the total budget of W2.7 trillion earmarked as compensation money for the four rivers-project, this year.
From next year, compensation payouts for the owners of land and facilities will be carried out consecutively -- W900 billion by the Land and Transport Ministry, and W1.2 trillion by the Korea Water Resources Corporation (concerning construction of dams) and the Ministry for Food, Agriculture, Forestry and Fisheries (concerning construction or expansion of agricultural reservoirs).
A Land and Transport Ministry official said, "We've moved up the schedule for compensation payments, as greenhouse farmers in Buyeo in South Chungcheong Province and Gimhae in South Gyeongsang Province have asked for package payouts. After conducting land price appraisal for about 40 days from mid-August, we'll carry out compensation payments from October through local administrations and the Korea Land Corporation."