LH New Town Speculation Allegations Full Investigation...Measures to Prevent Speculation in New Housing Sites Planned

[Image source=Yonhap News]

[Asia Economy Reporters Ryu Jeong-min and Lee Ji-eun] President Moon Jae-in has ordered a full investigation and the establishment of institutional measures to prevent speculation on new housing sites, following allegations that LH employees purchased real estate in the Gwangmyeong and Siheung areas, designated as new towns, for speculative purposes.

Kang Min-seok, the Blue House spokesperson, announced at a briefing at the Blue House Press Center on the 3rd that President Moon gave these instructions regarding the new town speculation allegations.

President Moon instructed that a thorough investigation be conducted on land transactions involving employees and their families working in departments related to new housing site development at the Ministry of Land, Infrastructure and Transport, LH, and related public institutions, not only for Gwangmyeong and Siheung but for all 3rd phase new towns.

Spokesperson Kang stated, "The full investigation will be led by the Prime Minister's Office, with sufficient personnel deployed alongside the Ministry of Land, Infrastructure and Transport to conduct a rigorous investigation leaving no suspicion unexamined. If any illegal activities are confirmed, strict measures including referral for prosecution will be taken. President Moon also instructed that institutional measures to prevent speculation related to new housing site development be promptly established."