President Moon: "Accelerate Real Estate Supply"...830,000 Houses Nationwide as Planned (Comprehensive 2)

Request for Smooth Implementation of Feb 4 Real Estate Supply Measures... This Week, Announcement of Full Investigation Results of Cheong Wa Dae Secretary-Level and Above

[Asia Economy Reporter Ryu Jeong-min] "Real estate supply measures should be promoted with even greater speed."

President Moon Jae-in has put the brakes on concerns spreading in the market about setbacks in real estate supply measures due to speculation allegations involving current and former employees of Korea Land and Housing Corporation (LH).

Kang Min-seok, Blue House spokesperson, stated in a briefing at the Chuncheon Press Center on the afternoon of the 9th, "President Moon said that while speculation should be investigated separately, trust in the government's housing supply measures must not be shaken."

[Image source=Yonhap News]

The measures President Moon referred to are the February 4th real estate supply measures. At that time, the government announced plans to supply 836,000 housing units in Seoul, Incheon, Gyeonggi, and five major metropolitan cities. The government even used the term 'supply shock' to indicate a dramatic increase in housing supply. The strategy was to quell real estate anxiety by supplying an unexpectedly large number of housing units that would surprise the market.

However, as speculation allegations stemming from LH surfaced, concerns grew that the government's announced housing supply plans might face setbacks. In response, President Moon emphasized the continuity of the real estate supply plan with a message calling for "promotion with greater speed."

A senior Blue House official said, "Instructions for investigation and prosecution regarding the LH speculation allegations have been sufficiently given so far. President Moon expanded the scope of the full investigation to include all of the 3rd phase new towns, and the Blue House itself is also included in the investigation target," adding, "All administrative and investigative resources should be mobilized, and the prosecution and police should cooperate organically."

[Image source=Yonhap News]

A senior Blue House official explained, "There is no need to say that all these strong instructions are aimed at ensuring proper housing supply to stabilize the real estate market," and added, "Please understand today’s remarks as addressing the essence of the real estate supply issue. Investigations should proceed separately, but the promotion of supply measures must move forward with speed."

Meanwhile, the Blue House plans to announce the results of a full investigation into senior officials at the secretary level and above, as well as their families, within this week. This means they will disclose whether Blue House personnel are involved in speculation allegations related to new towns.

A senior Blue House official said, "It will not take long. We expect to announce the first investigation results within this week," and added, "This week’s announcement will cover senior officials at the secretary level and above and their families, followed by a second announcement regarding administrative officers and those below."

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