Noh Hyung-wook: "2·4 Plan Project Sites Will Not Be Designated as Districts if There Is Evidence of Collective Speculation"

Minister of Land, Infrastructure and Transport Noh Hyung-wook and other Cabinet members attended the '2021 Second Half Economic Policy Direction Party-Government Consultation' held at the National Assembly on the 25th, listening with serious expressions to the remarks of Yoon Ho-jung, the floor leader of the Democratic Party of Korea. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Moon Jiwon] Regarding the criticism that last-minute speculation is increasing due to the change in the eligibility date for granting housing rights in public development projects under the 2·4 measures from 'February 5' to 'the date of the National Assembly plenary session resolution,' Minister of Land, Infrastructure and Transport Noh Hyung-wook stated, "If there is a possibility of collective speculation, we intend not to designate the area at all."

On the 28th, at the National Assembly Judiciary Committee plenary meeting, Minister Noh responded to the question from Lee Su-jin, a member of the Democratic Party of Korea, who said, "It is said that speculative forces have gathered since the in-kind compensation reference point in the Public Housing Special Act was revised to 'after the National Assembly resolution'." Minister Noh also said, "If there is any illegal aspect after a special investigation, we will file charges."

Originally, according to the 2·4 measures, when a specific area was selected as a candidate site for urban public housing complex projects, only those who owned the property before February 5 would be granted housing rights, and those who purchased afterward would receive cash compensation. This was to prevent speculative forces from entering the expected project areas.

However, during recent discussions in the National Assembly standing committee, the reference date was changed again to 'the date the National Assembly passed the resolution.' This was because if innocent actual demanders who purchased without anticipating development were subject to cash compensation, it would cause controversy over excessive infringement of property rights.

As the cash compensation reference date was postponed, it is known that buying demand suddenly surged in some candidate sites for urban public housing complex projects in Seoul, causing asking prices to rise in many cases.

Minister Noh explained, "Regarding the planned candidate sites, since there is a possibility of speculation, I originally thought it was right to set February 4 as the reference date, but in-depth discussions were held that it was excessive from the perspective of protecting property rights."

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