Party and government consider expanding real estate asset registration to all public officials

Prime Minister Jeong Sye-gyun is speaking at the Central Disaster and Safety Countermeasure Headquarters (CDSCH) meeting for COVID-19 response held at the Government Seoul Office in Jongno-gu, Seoul, on the morning of the 17th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jeon Jin-young] The Democratic Party of Korea and the government announced on the 19th that they will fully expand the asset registration system for public officials in relation to the Korea Land and Housing Corporation (LH) speculation scandal.

Prime Minister Chung Sye-kyun stated at a high-level party-government-civil office meeting held at the National Assembly that morning, "We will consider expanding the asset registration system so that all public officials, regardless of rank, must register their assets."

Prime Minister Chung emphasized, "We will make prior reporting mandatory when acquiring new real estate to prevent speculative attempts by public officials in advance," and added, "The government will thoroughly investigate and severely punish real estate corruption involving public officials and public institutions related to the 3rd New Town development."

He continued, "In the future, when announcing new residential sites, we will conduct prior investigations into land ownership and transaction status to ensure that no further speculation controversies arise, managing the process thoroughly," and said, "We will also expand the dedicated real estate transaction analysis organization, launch it early, and establish a continuous monitoring and detection system."

He further stated, "The government is continuing an unrelenting investigation through the Government Joint Special Investigation Headquarters (Special Investigation Unit) regarding the LH speculation allegations," and added, "We will promptly enforce compulsory disposition on lands owned by suspected LH speculators related to this incident. We will thoroughly block speculative profits from returning by fully utilizing current systems and laws."

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