2030 Who 'Yeongkkeul'ed on Real Estate Say "It Feels Like Even the Gathered 'Souls' Were Taken"

"House Prices Soar Sky-High, Feeling Empty and Betrayed"
"3rd New Town Must Be Canceled... Forcing It Would Set a Really Bad Precedent"

On the 12th, members of Gukminui Sori held an unlimited debate (filibuster) criticizing the land speculation by employees of Korea Land and Housing Corporation (LH) near Gyeongbokgung Station in Jongno-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Yoo Byung-don] Choi Jun-seop (35, pseudonym), a PD working at a home shopping broadcasting company, purchased a house in Yeongdeungpo-gu, Seoul earlier this year by "Yeongkkeul" (pulling together all his resources). It was a house he barely managed to secure by pooling together the funds he had saved over nearly 10 years of working and bank loans. Choi, who is scheduled to move in this second half of the year, felt relieved to have overcome a major hurdle, but recently, after seeing the land speculation scandal involving LH (Korea Land and Housing Corporation) employees, he only felt emptiness. Choi said, "I barely managed to get a house, and now that this kind of incident has happened, I feel not only empty but also incredulous and angry."

The land speculation allegations against LH employees in new towns have stirred up feelings of deprivation and anger among the 20s and 30s generation both online and offline. Even those who purchased homes by "Yeongkkeul" are expressing relative deprivation. Online communities and social networking services (SNS) have been continuously condemning LH employees, and on-site protests led by civic groups are ongoing day by day.

Office worker Ji Han-kyung (29, female) said, "No matter how hard I work, housing prices rise absurdly, making me feel hopeless, and seeing this incident made me feel empty and betrayed," adding, "It's even more surprising that such things were not uncovered in internal and external audits despite being a public institution."

After the issue surfaced, posts mocking the public’s criticism, presumed to be written by LH employees, have been posted one after another, amplifying public anger. On the anonymous social networking service "Blind," one user wrote, "Anyway, in a month or two, this will be forgotten," and "No matter how much you (the public) rage, I will keep speculating under a borrowed name and enjoy the benefits until retirement."

Representatives from various regions and residents belonging to the National Solidarity Countermeasure Council for Public Housing Districts (Gongjeonhyeop) held an emergency press conference on the 10th in front of the land suspected of speculative investment by LH employees in Gwarim-dong, Siheung-si, Gyeonggi Province, condemning LH Corporation and urging the complete cancellation of the 3rd New Town public housing districts. / Siheung - Photo by Kim Hyunmin kimhyun81@

On the 8th, someone claiming to be an LH employee posted on Blind mocking protesters gathered to condemn the preemptive speculation in new towns, saying, "I’m on the 28th floor, so I can’t hear you. Sweet as honey." On the 4th, another post said, "Is there a law that says LH employees can’t invest in real estate?" and "Whether it was illegal speculation using insider information or real estate investment based on personal study is a matter for the courts or prosecutors to decide," which sparked public outrage.

Given the situation, calls for severe punishment of those involved in the land speculation allegations are growing louder by the day. Seo Young-won (33) said, "Even before this incident broke out, I didn’t expect those who could gain unfair profits from real estate or stocks to play fair," adding, "Since such incidents could happen again in the future, the focus of resolving this issue should be on strict punishment to set a precedent."

There were also opinions that the entire 3rd New Town development project, which is at the center of this land speculation scandal, should be canceled. Choi said, "If the 3rd New Town project is canceled, hidden speculators won’t be able to profit," adding, "If it is forced ahead, it will obviously remain a bad precedent, and speculation methods will become even more vicious."

Meanwhile, some argue that the resumption of projects currently underway by LH is necessary. Of course, the punishment of those involved in this scandal is a prerequisite. University student Choi Eui-jae (26) said, "I’m not against speculation itself, but those who used related information in advance to make profits must be definitely punished," adding, "Such a process must precede in order to revive LH’s meaningful projects."

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