'Youth Housing Construction Funded by Reconstruction Profit Recovery Fee'... Ministry of Land, Infrastructure and Transport "Unfounded"

The Ministry of Land, Infrastructure and Transport has denied reports by some media outlets claiming that the government plans to use the funds collected from the Reconstruction Excess Profit Recovery System (재초환) to supply 'half-price apartments,' a campaign pledge of President Yoon Seok-yeol.

On the 13th, the Ministry released a statement to the press clarifying, "We are not considering using the reconstruction burden charges as resources for youth cost-price housing or similar projects."

The Reconstruction Excess Profit Recovery System (재초환) is a policy that requires individuals to pay a burden charge of up to 50% on the excess profit if the average profit per person exceeds 30 million KRW during the reconstruction process.

The Ministry stated, "Measures to ease excessive reconstruction burden charges are reflected in the national agenda and are currently under internal review for implementation plans," adding, "Details such as the criteria for imposition and the scope of relief have not been finalized, and reports claiming there are disagreements within the government regarding the extent of relief are also untrue."

Furthermore, the Ministry emphasized, "Based on the 110 national agenda items proposed by the Presidential Transition Committee, we plan to finalize the details after thorough review and supplementation through inter-ministerial collaboration."

Meanwhile, easing the Reconstruction Excess Profit Recovery System is also a campaign pledge of President Yoon. Won Hee-ryong, nominee for Minister of Land, Infrastructure and Transport, stated in his written responses submitted to the National Assembly on the 30th of last month that he would "carefully review whether current real estate policies, including the Reconstruction Excess Profit Recovery System and the Price Ceiling System (분상제), are appropriate."

Regarding the Reconstruction Excess Profit Recovery System, Nominee Won said, "I believe it is necessary to appropriately recover excessive capital gains or development profits arising from reconstruction and redevelopment," but added, "I will carefully review whether the current system is appropriate."

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