Hong Nam-ki: "Measures to Prevent LH Scandal Recurrence to Be Announced in March... Supply Will Proceed Without Interruption"

LH Recurrence Prevention and Innovation Measures to Be Announced This Month
"Existing Supply Measures to Be Pursued Consistently Without Shaking, Stopping, or Gaps"

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced on the 17th, "We are currently reviewing measures to eradicate speculation and prevent recurrence, as well as to completely reform Korea Land and Housing Corporation (LH), aiming to finalize and announce the plan by the end of this month."

On the same day, at the Real Estate Market Related Ministers' Meeting held at the Government Seoul Office, Deputy Prime Minister Hong stated, "We will firmly establish fundamental measures and institutional improvements to eradicate real estate speculation within the public service, including LH."

He added, "We will focus on completely reforming real estate corruption, including illegal and unfair activities in the real estate market across both public and private sectors."

Regarding the LH incident, he said, "The joint special investigation team is currently conducting an active investigation into the spouses and direct lineal relatives of those involved," and added, "If speculation charges are confirmed, we will impose the strictest penalties and take all necessary measures to ensure that speculative profits are fully recovered."

Concerning LH reform, he stated, "The government will thoroughly review all aspects of LH, a massive public enterprise with about 10,000 personnel and assets worth 185 trillion won, including its roles and functions, organization and workforce, business structure and execution, as well as strengthening integrity and ethical management." Furthermore, the government plans to actively devise measures to completely eradicate real estate corruption accumulated over time, including the four major illegal and unfair acts that disrupt the market.

The government intends to proceed with existing measures as planned. Deputy Prime Minister Hong emphasized, "The real estate market continues its previous trend with a slight decrease in price increases even after the LH incident. Recently, there have been concerns and criticisms that government measures might not proceed as planned or could regress. However, real estate policies will be implemented consistently and without interruption, pause, or gaps as planned."

Accordingly, the government plans to sequentially disclose candidate sites for public redevelopment projects starting from the end of March, and in April, announce the second phase of new housing sites totaling 150,000 units according to the 2.4 measures as scheduled.

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