[On-site Video] "Who Works Hard?" "We All Need to Live Well" ... 'Half-Price Apartment' Controversy, Gangnam Residents in Debate

[Asia Economy Reporter Han Seung-gon, PD Yoon Jin-geun, Intern PD Lim Hye-won] "Half-price apartments? Is that even possible?", "Honestly, it's a bit absurd.", "I hope it becomes a reality."

Kim Heon-dong, the nominee for president of Seoul Housing and Communities Corporation (SH), announced that the so-called 'half-price apartments in Gangnam, Seoul' could be implemented as early as the beginning of next year. 'Half-price apartments' refer to land leasehold housing where only the buildings are sold using publicly owned land. Kim emphasized that 30-pyeong (approximately 99 square meters) apartments in the three Gangnam districts of Seoul could be supplied at a sale price of "300 million to 500 million KRW."

The issue is whether Kim's policy can actually be realized. Residents and licensed real estate agents near Gangnam, Seoul, where 'half-price apartments' could be introduced, showed reactions ranging from "absurd" to some expressing "welcome."

On the 11th, Mr. A, a resident in his 70s near Eunma Apartments in Gangnam, said, "I welcome (Kim's) housing policy," emphasizing, "All citizens should live well; it is not right if a few rich people exist while others below cannot live well."

Mr. B, a resident in his 60s met in Daechi-dong, showed a similar response. He said, "It should definitely be implemented for the common people," raising his voice, "Our country, especially the three Gangnam districts, is playing their own league." He added, "The housing population will increase as the lower-income groups without homes, especially the younger generation, move in at about half the market price."

On the other hand, there are criticisms that Kim's policy lacks feasibility and is absurd. Another resident in his 70s near Eunma Apartments, Mr. C, said, "It's absurd to say you will do something impossible," pointing out, "I doubt whether it is realistically possible to supply at 50% of the price." He criticized, "There have been many pledges in the past to supply housing at half price, but they never became reality."

A licensed real estate agent met on site analyzed that while there is no reason to oppose, it would be difficult for this policy to change the real estate market trend. Mr. D (62), a licensed real estate agent, said, "If the government pushes it, the land price could drop significantly, making the policy possible," but regarding whether half-price apartments could affect the surrounding market prices, he said, "Currently, the prices of nearby listings are high, and it is unreasonable to think that supplying hundreds or thousands of units would cool down the overheated market."

Mr. D criticized, "(The biggest concern is) although it is called 'half-price,' the price must ultimately be calculated reasonably close to the market price," adding, "The Seoul city government cannot just generously supply cheap housing using national or city land."

Amid various opinions surrounding the 'half-price apartments,' the Seoul Metropolitan Council concluded on the 11th that Kim is 'unqualified.' According to the council's personnel hearing special committee, after holding a hearing on Kim on the 10th, they passed a personnel hearing report with an unqualified opinion.

The committee stated the reasons for disqualification as, "Although Kim advocated real estate policies such as disclosure of sale costs, post-sale system, and land leasehold housing, he lacked sufficient understanding of the side effects of these policies and failed to clearly present specific implementation plans."

However, they added, "There was a minority opinion that Kim possesses clear values and management philosophy for stabilizing housing prices for the common people, having worked for years as an expert in construction companies and civic groups, striving for half-price apartment supply and sale cost disclosure, making him qualified as a corporation president."

The committee said, "SH is a representative public corporation responsible for the housing stability of Seoul citizens, and the president must have professional alternatives and persuasive policy execution abilities regarding housing and real estate policies, but Kim failed to sufficiently present a policy vision," adding, "Considering that during his civic group activities he only made claims without proposing improvement measures for negative impacts, we concluded that he cannot be entrusted with the corporation's management and policies."

Meanwhile, the personnel hearing report submitted by the council has no legal binding force, so Mayor Oh Se-hoon can proceed with Kim's appointment.

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