Three Major Agreements on Real Estate Speculation... Details Differed Between Ruling and Opposition Parties

With "Let's do the LCT special investigation together"
Opposition party initially excludes full investigation from national audit
Possibility of conflict shift within a day

Kim Seong-won, the Senior Deputy Floor Leader of the People Power Party, is submitting the "Request for a National Investigation to Uncover the Truth Behind the New Town Real Estate Speculation Allegations" to the National Assembly's Legislative Affairs Department on the 17th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporters Hyunju Lee and Jinyoung Jeon] The People Power Party submitted a request for a national investigation into real estate speculation allegations related to the Moon Jae-in administration's 3rd phase new towns to the National Assembly on the 17th. The Democratic Party expressed willingness to actively accept the request but counter-proposed to also introduce a special prosecutor for LCT (LCT Special Prosecutor), raising concerns that the situation, which had previously seen a generous agreement on 'special prosecutor, full investigation, and national investigation,' might fall into conflict again within a day.

In the national investigation request submitted to the National Assembly Secretariat by Kim Seong-won, the senior deputy floor leader of the People Power Party, on the morning of the same day, the scope of the investigation included ▲ all matters related to land transactions in the 3rd phase new towns ▲ members and officials affiliated with the Blue House ▲ officials, metropolitan councilors, and city councilors affiliated with the Ministry of Land, Infrastructure and Transport, Gyeonggi Province, and Incheon City ▲ executives and employees of Korea Land and Housing Corporation and Gyeonggi Urban Innovation Corporation. The request did not include a full investigation of members of the National Assembly. Choi Hyung-doo, the floor spokesperson for the People Power Party, explained in a briefing that day, "This is to avoid the risk of self-investigation," and added, "We will request an audit from the Board of Audit and Inspection or a third-party strict and verified institution to ensure a thorough (full investigation of all National Assembly members)."

However, immediately after the submission of the national investigation request, the Democratic Party again proposed to introduce the LCT special prosecutor together. Kim Tae-nyeon, acting party leader, said at the Central Election Committee meeting that day, "There are no exceptions in clearing out real estate corruption. To break the chain of real estate corruption, it is necessary to introduce the Korea Land and Housing Corporation (LH) special prosecutor along with the LCT special prosecutor." Kim added, "A petition has been submitted to the police stating that about one hundred influential figures in Busan are included in the LCT preferential allocation list," and said, "The truth of preferential allocation must be fully revealed, and those involved must be severely punished. There is no reason for the opposition party not to agree."

Kim Tae-nyeon, Acting Leader of the Democratic Party of Korea, is attending a virtual members' meeting held at the National Assembly on the 15th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

He also insisted that the scope of the full investigation of National Assembly members agreed upon by both ruling and opposition parties should include candidates for the by-elections. This was a statement clearly targeting Park Hyung-joon, the People Power Party candidate embroiled in the LCT controversy. He said, "We request the participation of candidate Park and his immediate family members in the full real estate investigation."

Meanwhile, the senior deputy floor leaders of both ruling and opposition parties held a closed-door meeting that day to discuss specific schedules and investigation methods regarding the special prosecutor, national investigation, and full real estate investigation of high-ranking public officials related to the LH allegations. The minor parties in the National Assembly submitted their personal information consent forms to the Speaker of the National Assembly that morning, urging a swift full investigation of all 300 members of the National Assembly.

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