Kim Hyun-mi: "We Will Propose Supply Measures After System Improvements to Avoid Becoming a New Firestarter" (Update)

Minister of Land, Infrastructure and Transport Kim Hyun-mi attended the plenary session of the National Assembly Land, Infrastructure and Transport Committee on the 28th and is seen talking with Vice Minister Park Seon-ho./Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Lee Chun-hee] Kim Hyun-mi, Minister of Land, Infrastructure and Transport, announced plans to present housing supply measures only after establishing safeguards to prevent real estate from becoming a target of speculation. This means the announcement will be delayed compared to the original plan to release the housing supply measures by the end of this month.

At the Land, Infrastructure and Transport Committee plenary session held at the National Assembly that day, Minister Kim responded to a question from Jin Seong-jun, a member of the Democratic Party of Korea, who asked, "You said the government would research and present housing plans by the end of this month. When do you plan to announce them?" by saying, "The legislation should be prepared first."

When Jin asked if the intention was to establish safeguards first, Minister Kim said, "It needs to be clearer institutionally," adding, "I think the supply plan should not become another spark for speculation." This indicates that the government considers the regulatory measures currently being promoted to be more urgent.

Based on Minister Kim’s remarks, the announcement of the real estate supply plan is expected to be no earlier than next week. Although the government had set a deadline to announce the plan within this month, it is now likely that the measures will be announced after completing the related legislation through the July extraordinary session of the National Assembly. The ruling Democratic Party is reportedly planning to handle the bills related to real estate at the plenary session on the 4th of next month.

Deputy Prime Minister for Economy Hong Nam-ki is attending the plenary session of the Planning and Finance Committee held at the National Assembly on the 28th, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, also attended the plenary session of the Planning and Finance Committee at the National Assembly that day and said, "Although we have not announced it externally, meetings are ongoing," adding, "We are almost ready with the supply measures to present to the public."

However, he said, "We are reviewing the supply measures, but it is difficult to disclose the details," explaining that revealing the contents could cause market shocks. Regarding the various alternatives currently being seriously considered, he explained, "Discussions are underway on several efforts such as floor area ratio issues, height restrictions, and discovering new residential sites."

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