Jinpyo Kim: "Consulting with the City on Utilizing the Seoul Outer Greenbelt"

Yoon Ho-jung, the floor leader of the Democratic Party of Korea, and Kim Jin-pyo, the chairman of the Real Estate Special Committee, are attending and conversing at the policy members' meeting on real estate held at the National Assembly on the 27th. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Hwang Yoon-joo] Kim Jin-pyo, Chairman of the Real Estate Special Committee of the Democratic Party of Korea, said on the 28th regarding the issue of easing the comprehensive real estate tax, "If opinions do not converge, we will proceed as is, according to the government's proposal."

Chairman Kim stated in a radio interview that morning, "We will proceed as is but implement some (reduction) measures."

The government proposal maintains the current system setting the comprehensive real estate tax threshold at "over 900 million KRW," but includes some supplementary measures such as ▲ introduction of a payment deferral system ▲ freezing the fair market value ratio at 90% ▲ establishing a long-term residence deduction for over 10 years.

The previous day, the special committee submitted a comprehensive real estate tax easing plan limiting the taxable subjects to the "top 2%" along with the government proposal to the party caucus meeting but failed to reach a conclusion.

Chairman Kim emphasized, "The government says that since its term is almost over, a major reform is burdensome, so they want to maintain the current system. Even if we follow the government proposal, tax friction remains. The comprehensive real estate tax discussion must be concluded by June."

Regarding discussions on additional Greenbelt releases in the metropolitan area, he said, "There are already Greenbelt areas on the outskirts of Seoul that have been developed into residential sites. They are Greenbelt only on paper," adding, "We intend to consult with the Seoul Metropolitan Government on a plan to build houses in these areas without disturbing trees or natural scenery."

Regarding the restriction of the loan limit to under 400 million KRW for actual buyers announced in the real estate policy improvement plan the previous day, he explained, "If the loan limit is set too high, it can be used as a means for gap investment or increase household debt, so we capped it."

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