The land ministry plans to subsidize the demolition of old condominium buildings from the fiscal year beginning April 2025, sources said Thursday.
The ministry will create a system in which the central and local governments will evenly shoulder part of the demolition costs that condominium management associations should pay, the sources said.
As of the end of 2022, there were 1.26 million condominiums built 40 years ago or more across the country. The figure is expected to reach 4.45 million by the end of 2042. As a result, the number of condominium buildings needing to be demolished will increase.