Minister Choo Mi-ae Posts Another Real Estate Article on Facebook... "The Minister of Justice's Silence on the Gambling Frenzy Like a Gambling Den Is Dereliction of Duty"

Minister of Justice Choo Mi-ae. [Photo by Yonhap News]

[Asia Economy Reporter Choi Seok-jin] Minister of Justice Choo Mi-ae reiterated the necessity of ‘geumbunburi’ (separation of finance and real estate) on the 20th by posting another related message, despite the negative political reactions to her Facebook post about real estate policy last weekend.

On the morning of the same day, Minister Choo wrote on Facebook, “My has been criticized as an unheard-of idea. But overnight, this unheard-of idea has become reality. A romance between finance and real estate has occurred right in the heart of Gangnam.”

She pointed out, “It is said that a certain private equity fund purchased 46 apartments in Gangnam. This means they can avoid multi-homeowner regulations and not only earn rental income but also aim for capital gains, which can be shared among the fund participants.”

Minister Choo stated, “This incident makes it clear that even if we separate finance and real estate now, it will be too late. Opposition lawmakers! Shouldn’t we regulate residential apartments as investment targets of private equity funds under the Capital Markets Act? I sincerely hope you are not standing in the line of raising housing prices and mocking that prices cannot be lowered.”

She questioned, “It is common knowledge that a country’s currency value is stabilized by linking it to gold or the dollar. But what happens if, like our banks, credit creation is linked to real estate? Shall we call this a real estate standard system or real estate linkage system?” She emphasized, “We have heard of the gold standard, silver standard, and dollar linkage, but the real estate standard is unheard of and irrational.”

She added, “We must not neglect the bizarre phenomenon of linking bank loans to real estate because the moment asset values collapse, there is a lurking risk of a financial crisis,” and concluded, “Just as the Minister of Justice cannot stand idly by watching the economy turn into a gambling den with a gambling frenzy, wouldn’t silence be a dereliction of duty?”

Last weekend, former Seoul Mayor Oh Se-hoon criticized Minister Choo’s proposal for separating finance and real estate on Facebook on the 18th, calling it a “truly strange ‘unheard-of theory.’”

Additionally, the United Future Party commented the day before, “If she intends to run in next year’s (Seoul mayor) by-election, she should not make empty noises on SNS but declare her position by Monday morning.”

This content was produced with the assistance of AI translation services.