People Power Party, Follow-up Proposal of 'Hwacheon Daeyu Prevention Act'... Application of Sale Price Ceiling System
Lee Heunseung, Not Subject to Sale Price Ceiling
Hwacheondaeyu Gains Additional 269.9 Billion Won Profit
People Power Party's Lee Jae-myung, Governor of Gyeonggi Province, along with Lee Heon-seung, Chairman of the Daejang-dong Gate Truth Investigation Task Force, and committee members are inspecting the Daejang-dong site in Seongnam City, Gyeonggi Province on the 16th. Photo by the National Assembly Press Photographers Group
View original image[Asia Economy Reporter Hyunju Lee] The People Power Party has followed up the amendment to the Urban Development Act by proposing a partial amendment to the Housing Act to prevent the recurrence of incidents like the Daejang-dong development preferential treatment allegations.
According to political circles on the 10th, Heon-seung Lee, chairman of the National Assembly Land, Infrastructure and Transport Committee, along with 20 People Power Party lawmakers including members of the Daejang-dong TF, proposed the "Partial Amendment to the Housing Act" on the 8th.
The newly proposed partial amendment to the Housing Act includes provisions to classify land developed by public-private partnership corporations as public land and subject it to the price ceiling system.
Previously, the People Power Party proposed a partial amendment to the Urban Development Act to limit the investment share of private operators other than public implementers to less than 50% and the profit rate to within 6% of the total project cost when public-private partnership corporations implement urban development projects.
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Chairman Lee said, "According to civic groups, the Daejang-dong urban development project was not subject to the price ceiling system, allowing Hwacheon Daeyu to gain additional profits amounting to 269.9 billion won," adding, "It is necessary to promptly improve the system to prevent private operators from exploiting loopholes in the price ceiling system to obtain excessive profits."
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