Hong Nam-ki "To Prevent Recurrence of LH Scandal, Real Estate Analysis Institute Must Be Established"
Hong Nam-ki, Deputy Prime Minister, to Appear and Respond at the National Assembly's Budget Committee on the 18th
Hong Nam-ki, Deputy Prime Minister for Economic Affairs, attended the plenary meeting of the Planning and Finance Committee held at the National Assembly on the 18th and presented the first supplementary budget proposal. Photo by Yoon Dong-ju doso7@
View original image[Sejong=Asia Economy Reporter Kim Hyunjung] Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki stated on the 18th that a Real Estate Analysis Institute must be established as soon as possible to prevent the recurrence of the Korea Land and Housing Corporation (LH) scandal.
Deputy Prime Minister Hong made this remark during a session of the National Assembly's Planning and Finance Committee that morning. Earlier, Yang Kyung-sook, a member of the Democratic Party of Korea, pointed out, "If the Real Estate Supervisory Agency had been operational, it could have detected the sudden surge in abnormal transactions in new town areas like the LH speculation case in advance." In response, Hong explained, "The Real Estate Analysis Institute is an organization aimed at monitoring the market, tracking disruptive activities, and analyzing information rather than supervising. The establishment of the Real Estate Analysis Institute should be expedited, but delays have led to negligence in such control mechanisms."
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Regarding Yang's criticism that LH received the highest rating for three consecutive years in public institution evaluations, Hong said, "Since there are various categories in management evaluations, even if a particular area performs poorly, the overall evaluation can improve if other areas score well." He added, "We are currently reviewing ways to improve the system so that institutions causing significant social controversies can receive greater penalties in evaluations."
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