Ha Tae-kyung: "SH has enriched construction contractors for 10 years... 'Land Speculation Prohibition Act' to be proposed soon"

"Purchasing Multi-Family Row Houses at High Prices Now"
Approximately 870,000 Pyeong, Yeouido Scale, Market Price Increased About 2.7 Times to 37.7 Trillion Won

Ha Tae-kyung, Member of the People Power Party./Photo by Dongju Yoon doso7@

[Asia Economy Reporter Hyunju Lee] Seoul Housing and Communities Corporation (SH) has been criticized for selling public housing sites equivalent to the size of Yeouido to the private sector over the past decade, and now purchasing multi-family and row houses at high prices to increase rental housing.

On the 29th, Ha Tae-kyung, a member of the People Power Party, stated, "SH, which should prioritize public interest, has become a land dealer that only fattens construction contractors," and added, "I will soon propose the 'SH Land Dealer Prohibition Act' to ensure that the public continues to hold the profits from forcibly acquired land."

According to data submitted by SH to Representative Ha, from 2011 to 2020, SH sold approximately 870,000 pyeong of land. The selling price at that time was 14.2 trillion won, but the current market value reaches 37.7 trillion won, an increase of about 2.7 times. By type, 350,000 pyeong were sold for other facilities such as hotels, gas stations, and automobile-related facilities; 210,000 pyeong for commercial and office facilities; and 160,000 pyeong to private multi-family housing developers.

For example, the Magok 13 Complex site sold by SH at 17.54 million won per pyeong now approaches 73 million won per pyeong in current market value. The Segok 2 District Block 2 land was sold at 14.65 million won per pyeong, but the local market price has risen sevenfold to 107 million won.

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