Former President Hwang Hoyang: "Daejang-dong Profits... Due to Sudden Real Estate Market Surge"

Seoul Central District Prosecutors' Office, Seocho-gu, Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Kim Daehyun] Hwang Hoyang, former president of Seongnam Urban Development Corporation, explained that the controversy surrounding the 'Daejang-dong development' arose because the real estate market suddenly surged.

On the afternoon of the 5th, former President Hwang appeared as a witness before the Seoul Central District Prosecutors' Office special investigation team, completed his investigation, and told reporters, "The problem was that the profits were too large," adding, "At the start of the project, the real estate market was not good, but it suddenly surged, which led to this situation."

Former President Hwang was appointed president in July 2015, after former Planning Director Yoo Donggyu completed tasks such as selecting the Daejang-dong project operator. Regarding the development method of the Daejang-dong project, he said, "The method is not wrong, even though problems have now surfaced," and added, "Institutional improvements are necessary."

Regarding some media reports that "former President Hwang mentioned to employees after his appointment that the Daejang-dong development project could become problematic later," he stated, "I told employees to be cautious because if they get involved in vested interests, they could be subject to prosecution," clarifying that his remarks were misreported.

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