Assemblyman Kim Hoe-jae Successfully Concludes 'Public Rental Apartment Sale Conversion System Improvement Forum'

Participation of Ministry of Land, Public Rental Apartment Residents, and Civic Groups

Seeking Alternatives for Comprehensive Improvement of Public Rental Apartment Sale Conversion System

"Reflecting Forum Opinions Faithfully in Legal Amendments, Striving to Fundamentally Resolve Malicious Overpricing Issues"

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Kim Hoe-jae, a member of the Democratic Party of Korea (Yeosu-eul, Jeonnam), announced on the afternoon of the 23rd that the "Public Rental Apartment Sale Conversion System Improvement Forum" hosted by the Yeosu Chamber of Commerce and Industry was successfully concluded.

The forum was organized to enhance the rationality of the public rental apartment sale conversion system and to discuss institutional improvement measures to protect the housing rights and property rights of residents.

In his opening remarks, Representative Kim Hoe-jae said, "Residents who moved in with the dream of owning their own home are being frustrated by the high sale prices set much higher than the surrounding apartment market prices," adding, "We will seek the right policy direction and solutions for the housing stability of ordinary people."

Lee Heon-seung, Chairman of the National Assembly Land, Infrastructure and Transport Committee, said in his congratulatory remarks, "Through this forum, I hope to examine whether the sale conversion public rental housing is achieving its original policy purpose and that housing policy moves toward providing a pleasant and stable living environment." Choi Jong-yoon, a member of the Democratic Party of Korea (Hanam-si, Gyeonggi), also emphasized, "The public rental policy should be improved to provide a proper 'housing ladder' in line with its original intent."

Next, Lee Sung-young, Deputy Director of the Housing Neutrality Research Institute, who was the first presenter, presented on the topic "Causes of Conflicts in Public Rental Sale Conversion and Status in Other Regions," proposing the fundamental problems and alternatives of 10-year public rental housing.

The purpose and main contents of the Public Housing Special Act amendment bill, which Representative Kim Hoe-jae introduced on the 8th, were also introduced at the forum.

The amendment mandates safety inspections before sale conversion and stipulates that unaddressed defects must be included in the sale conversion price. Additionally, it expands the number of reappraisals of the sale conversion price to three times, requires the responsible party to bear the costs, and introduces provisions to strengthen the responsibility of appraisers.

In the comprehensive discussion, Deputy Director Lee Sung-young served as the chair, and the Housing Policy Officer from the Ministry of Land, Infrastructure and Transport, Park Chan-hee, Vice Chairman of the Residents’ Countermeasure Committee of Yeosu Ungcheon Booyoung Apartments, and Song Young-ho, Secretary General of Yeosu Participation Solidarity, each presented their opinions on improving the public rental sale conversion system.

Representative Kim said, "We will ensure that the opinions raised at this forum are faithfully reflected in the bill discussion process," and added, "We will do our utmost to fundamentally resolve the problem of maliciously high sale price conversions."

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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