Kim Hyun-mi: "Multi-homeowners' listings are snapped up by 30-somethings using all their credit... It's regrettable"

Sobyung Hoon "Good Individuals Can Be Exploited by Powers Grasping at Straws"
"Dark Forces Disguised as the Media"... Dissatisfied with Media Coverage
Kim Hyunmi Reiterates the Need for a Real Estate Oversight Body

Minister of Land, Infrastructure and Transport Kim Hyun-mi is responding at the plenary meeting of the Special Committee on Budget and Accounts held at the National Assembly in Yeouido, Seoul on the 24th. (Photo by Yonhap News)

[Asia Economy Reporter Moon Jiwon] Kim Hyun-mi, Minister of Land, Infrastructure and Transport, said it is "regrettable" that after real estate regulations were strengthened, multi-homeowners and corporations could not hold out and put many properties on the market, but young people in their 30s bought them at high prices by going to the extent of 'Yeongkkeul' (scraping together money even to the soul).

Minister Kim said this on the 25th during the plenary session of the National Assembly Land, Infrastructure and Transport Committee while continuing policy Q&A with So Byung-hoon, a member of the Democratic Party of Korea.

When Rep. So asked, "Have you heard that rental apartments and other rental housing owned by rental business operators are being transferred to individual ownership?" Minister Kim replied, "Many houses owned by multi-homeowners have been traded, and it appears that people in their 30s are buying those properties by even going to the extent of Yeongkkeul. It is regrettable that young people in their 30s are buying properties put on the market by corporations at high prices."

In response, Rep. So pointed out, "There is a need to comprehensively manage and supervise such aspects," adding, "During this time, good individuals might get caught at the peak and could be harmed by powerful forces."

Rep. So even expressed dissatisfaction with media reports, using the phrase "dark forces disguised as the media."

Referring to a recent article reporting that Seoul house prices surpassed 1 billion won, Rep. So said, "I think that article was not simply written by a reporter who investigated but that there are forces behind it. We need to establish a strong organization to crack down on false articles and misinformation that disrupt the market."

He added, "The Ministry of Land, Infrastructure and Transport should respond more strongly to false articles or misleading information that confuses the public," and asked, "If spreading false information distorts policies, can't investigations be conducted and media outlets be sued?"

Minister Kim also reiterated her intention to promote the establishment of a supervisory organization to prevent market disruption and illegal activities in the real estate market.

Minister Kim said, "I think it is necessary to revise laws related to real estate market transactions to establish grounds for crackdowns and to have an organization that can practically take charge," adding, "We plan to discuss this among ministries."

She continued, "Currently, the legal framework to regulate disruptive acts in the real estate market is insufficient," and said, "Since real estate accounts for more than 70% of assets in our country, I believe it is necessary to strictly manage the real estate market to protect citizens' assets."

Minister Kim explained that the effects of the recent government measures announced one after another will appear in statistics from August onward.

She emphasized, "The effects have been appearing since August after the bill was passed in the National Assembly, but since it takes a month for transactions to be reported, the statistics will be reflected only after August."

Minister Kim said, "Recent statistics confirm that gap investments are decreasing and that many housing properties are coming onto the market from corporations and others," adding, "The July statistics reported in the media are based on transactions before the law was passed, so I hope there will be no misunderstandings."

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