[2022 National Audit] Kim Dong-yeon "Will Establish Institutional Measures for Reinvesting LH Development Profits in Gyeonggi-do"

Gyeonggi Province Governor Kim Dong-yeon is answering questions from lawmakers during the National Assembly Land, Infrastructure and Transport Committee's audit of Gyeonggi Province held at the Gyeonggi Provincial Government Office on the 14th.

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Kim Dong-yeon, Governor of Gyeonggi Province, announced that he will establish an 'institutional device' to ensure that LH (Korea Land and Housing Corporation) reinvests the enormous profits earned from development projects within Gyeonggi Province.

At the National Assembly Land, Infrastructure and Transport Committee's audit of Gyeonggi Province held on the 14th at the Gwanggyo New Government Building in Suwon, Governor Kim stated, "LH is unable to reinvest within the province due to legal deficiencies," and expressed hope, saying, "If the amendment to the Special Act on Public Housing passes, it will be possible to reinvest development profits into infrastructure investments such as schools, public offices, and railroads."

He continued, "For the extension and new projects of GTX, a large budget is required to cover service costs and to establish various organizations and plans for full-scale project promotion," adding, "We will prepare an institutional device to allocate part of LH's development profits to infrastructure such as railroads and roads."

Earlier, Lee So-young, a member of the Democratic Party of Korea, pointed out during the provincial administration inquiry, "LH earned enormous development profits of 17 trillion won through major regional projects within the province over the past 10 years, including 3.726 trillion won from Pangyo and 1.2651 trillion won from Dongtan 1st New Town," and criticized, "Although LH monopolized public land development projects within the province and secured trillions of won, it has been negligent in reinvesting in the Gyeonggi area."

Lee also argued, "A huge amount of funds will be needed to promote GTX in the future," and insisted, "Gyeonggi Province must prepare measures to ensure that LH's development profits can be invested in metropolitan transportation improvement projects within the province."

He especially urged, "Along with legislative work to enable LH to return enormous profits, Gyeonggi Province should create conditions for reinvestment by establishing systems such as a direct return system for residents and an LH return system through ordinances."

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