‘Daejang-dong Brawl’ at Land, Infrastructure and Transport Committee Audit.. Ruling Party: “Suspect LH Abandoned Project Due to MB” Opposition: “Lee Jae-myung Designed It for Quick Profit”

Shin Kyung-cheol, Head of the Smart City Division at Korea Land and Housing Corporation, attended the National Assembly Land, Infrastructure and Transport Committee's audit of Korea Land and Housing Corporation held at the National Assembly on the 7th, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Koo Chae-eun] On the 7th, during the National Assembly Land, Infrastructure and Transport Committee's audit of the Korea Land and Housing Corporation (LH), a fierce exchange of accusations continued over the 'Daejang-dong development' allegations.

Democratic Party lawmakers focused their questioning on the reasons why LH abandoned the Daejang-dong project during the morning session of the audit.

Democratic Party lawmaker Jo Oh-seop pointed out, "According to LH's comprehensive business plan for the Gyeonggi region, the net present value (NPV) of the Seongnam Daejang urban development project was 45.9 billion KRW," adding, "It makes no sense to say the project was abandoned due to financial soundness." He further claimed, "We cannot help but suspect that the project was abandoned due to external pressure from high-ranking officials, including the Lee Myung-bak administration and former Grand National Party lawmaker Shin Young-soo."

Fellow party member Jin Sung-jun also stated, "Behind LH's abandonment of the Daejang-dong development project was strong lobbying by politicians colluding with private developers," accusing, "Private developers were in constant contact with lawmaker Shin Young-soo at the time and bribed Shin's younger brother with 200 million KRW."

On the other hand, opposition parties focused on highlighting the connection between the Daejang-dong allegations and Governor Lee Jae-myung. Park Sung-min of the People Power Party said, "Mayor Lee Jae-myung allowed joint development between private and public sectors, which led to land being acquired very cheaply and sold at high prices, resulting in a windfall," criticizing, "Mayor Lee cleverly designed both public and private aspects, creating a get-rich-quick scheme."

Fellow party member Song Seok-jun added, "When Mayor Lee Jae-myung of Seongnam promoted public-private joint development, he strangely excluded the Seongnam Urban Development Corporation and brought in Hwacheon Daeyu," stating, "They applied the Urban Development Act favorable to private developers, so there was no limit on profit rates."

Criticism also arose that Governor Lee's campaign pledge to supply basic housing is unrealistic.

Park Sung-min said, "Governor Lee promised to supply over one million basic housing units in five years, but LH currently owns 1.64 million rental housing units," and questioned, "Is there even a single rental housing unit that meets Governor Lee's pledge of supplying 100,000 33-pyeong apartments within 500 meters of subway stations for 600,000 KRW per month?"

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