Democratic Party Real Estate Special Committee's First Meeting... Kim Jin-pyo: "Regulatory Relaxation Within Limits That Do Not Stimulate Speculative Demand"

Undeniable Side Effects of Blocking Real Demand Transactions
Phone Call with Oh Se-hoon... Will Actively Cooperate with Seoul City's 2·4 Measures

Kim Jin-pyo, a member of the Democratic Party of Korea, is giving a welcoming speech at the 'Democratic Party of Korea-Financial Sector CEO, K-New Deal Support Measures Meeting' held on the 22nd at the Bank Federation Hall in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jeon Jin-young] Kim Jin-pyo, a member of the Democratic Party of Korea and chairman of the Real Estate Special Committee, stated on the 12th, "Regulations need to be eased within limits that do not stimulate speculative demand."

At the first meeting of the Real Estate Special Committee held at the National Assembly that afternoon, Kim said, "There has been abnormal price increases mainly in the metropolitan area, so financial and tax regulations have been repeatedly strengthened several times in a short period to suppress speculative demand," adding, "It is an undeniable fact that unintended side effects have appeared, such as blocking real demand transactions like home purchases by the homeless and moves by one-household one-homeowners."

He emphasized, "The major principle of real estate taxation is to strengthen holding taxes and lower transaction taxes to align with global standards," but also said, "We will meticulously and thoroughly review various tax issues that practically hinder real demand transactions for one-household one-homeowners, such as easing financial regulations for homeless people who want to own their own homes."

Kim also revealed that he discussed real estate measures with Seoul Mayor Oh Se-hoon the day before. He said, "Many people were worried whether Seoul City would properly cooperate under Mayor Oh's administration, so I spoke with Mayor Oh yesterday," adding, "Mayor Oh also said he would actively cooperate and participate in the government's 2·4 supply expansion policy."

He continued, "By gathering opinions, effective supply that the public can feel will be quickly and surely released to the market," and "We will obtain the consent of related institutions to make that happen."

He said they plan to expedite the implementation of the 2·4 measures to secure supply volume. Kim emphasized, "The measures are being promoted faster than expected," and "I am confident that the supply volume from the 2·4 measures will be officially available for sale starting no later than two years from now."

He added, "The special committee will comprehensively prepare other measures that can also be expedited and actually released as supply volume to the market," and "To do this, it is important to pass eight bills currently pending in the National Assembly, including the Public Housing Special Act, through consultation with the opposition party within this month."

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