Seoul Metropolitan Council Democratic Party Urges Comprehensive Investigation of Real Estate Speculation Including Elected Officials and Public Servants in Seoul

Joo Sang-ho Floor Leader: "We Must Take the Opportunity to Eradicate Real Estate Deep-rooted Evils... We Will Join Efforts to Restore Publicness in Seoul City Officials and Public Institutions"

[Asia Economy Reporter Jong-il Park] The Seoul Metropolitan Council's Democratic Party of Korea (Representative Jo Sang-ho, Seodaemun 4) on the 16th repeatedly humbled themselves regarding the allegations of preemptive speculation by Korea Land and Housing Corporation (LH) employees in the new towns of Gwangmyeong and Siheung, Gyeonggi Province, and pledged to "eradicate real estate corruption."

Earlier, Park Young-sun, the Democratic Party of Korea's Seoul mayoral candidate, proposed a special prosecutor to the central party and political circles for an unreserved investigation and punishment of the land speculation scandal. The Democratic Party's central party promptly accepted this and sought bipartisan cooperation.

In response, all members of the Seoul Metropolitan Council's Democratic Party stated that, as elected public officials, they must expand the scope to include metropolitan and basic council members, district mayors, senior Seoul city officials, and those involved in SH Corporation's work, conduct a full investigation, and ensure appropriate punishment if wrongdoing is found.

Furthermore, they urged the responsible related agencies to decisively initiate investigations without hesitation to completely eradicate real estate speculation, by designating the investigating body and commencing the inquiry immediately.

With the ruling and opposition parties having already agreed in the National Assembly on a special prosecutor for LH land speculation and a full investigation of lawmakers, the Seoul Metropolitan Council's Democratic Party cannot but join efforts to restore the public nature of public officials and public institutions, including elected officials in Seoul, SH, and those involved in housing construction, urban planning, and other real estate-related work.

Last week, Park Young-sun, the Democratic Party's Seoul mayoral candidate, also announced plans to thoroughly investigate Seoul City Hall and SH Seoul Housing and Land Corporation, and to respond firmly if criminal charges are confirmed, ensuring that real estate speculation cannot take root in Seoul.

Representative Jo Sang-ho raised his voice, saying, “This LH employee speculation incident is a facet of the deeply rooted real estate corruption in our society. We must eradicate it completely, punish severely, and take this opportunity to cleanse real estate corruption and bring about a paradigm shift in the perception of real estate.”

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