Kim Hyun-mi: "One Quarter of Real Estate Transactions Involve Multi-Homeowners and Corporate Front Speculators"
"Legislation Needed for Recovery Mechanisms on Profits Gained from Speculation"
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[Asia Economy Reporter Lim Chun-han] Kim Hyun-mi, Minister of Land, Infrastructure and Transport, stated on the 23rd, "Not all multi-homeowners can be called speculators, but one quarter of all real estate transactions are by speculators disguised as multi-homeowners and corporations," adding, "It is a serious situation."
Minister Kim made these remarks during the economic sector government questioning session held at the National Assembly in the afternoon, in response to a question from Kim Hee-guk, a member of the Future United Party, asking "How many speculators are there in South Korea?"
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Minister Kim said, "Because the profits from real estate investment are significantly higher than in other sectors, loan regulations alone have limitations in preventing speculative inflows," and added, "This time, a legislative system for recovering profits gained from speculation must be institutionalized in the National Assembly."
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