Hong Nam-ki "Open to Possibility of Greenbelt Release to Expand Housing Supply"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is announcing a comprehensive real estate policy including strengthening the comprehensive real estate holding tax for multi-homeowners at the Government Seoul Office in Jongno-gu, Seoul on the 10th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kim Hyo-jin] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 14th that he may consider the issue of lifting the Greenbelt to increase housing supply.

Deputy Prime Minister Hong appeared on MBC Newsdesk that day and, when asked about lifting the Greenbelt, said, "We are currently reviewing five to six primary tasks," adding, "After reviewing these tasks, if necessary, we are open to examining the Greenbelt issue."

Hong said, "We are currently reviewing measures to increase supply, such as high-density development in urban areas, raising the floor area ratio for the 3rd New Towns, and supplying housing on sites of relocated public institutions," and added, "We will announce supply measures by the end of July."

Regarding the situation where some multi-homeowners gift houses to their children to avoid holding and capital gains taxes, he said, "Legislation to significantly raise related acquisition taxes has been agreed upon with the government and has already been proposed," and added, "We will actively participate in the National Assembly discussions to raise the gift acquisition tax rate."

Deputy Prime Minister Hong expected that signs of overheating in the real estate market following the July 10 real estate measures would subside.