Ruling Party Requests Voluntary Reporting of Speculation in New Towns: "Permanent Expulsion if Caught"

Sent Official Letters to Affiliated Lawmakers and Staff Requesting Inventory Status Response
"Investigation Status, First Results May Come Out This Week"

Deputy Prime Minister for Economy Hong Nam-ki and Minister of Land, Infrastructure and Transport Byeon Chang-heum, along with others, bow their heads during the announcement of the "Message to the People Regarding Real Estate" held at the Government Seoul Office in Jongno-gu, Seoul on the 7th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Han Jinju] The Democratic Party of Korea has ordered its affiliated lawmakers and elected officials to voluntarily report their holdings of real estate in the 3rd New Town development areas. They vowed to take a zero-tolerance approach and respond strongly if any speculation is uncovered.

On the 8th, Choi In-ho, the party's chief spokesperson, told reporters after a closed-door high-level strategy meeting, "If any speculators are found through the party's Ethics Inspection Team's review and investigation, the party will take the strongest possible measures, including permanent expulsion."

He added, "The investigation will be conducted as swiftly as possible, and the first results may come out as early as this week."

The party's Ethics Inspection Team requested in an official letter that party-affiliated members of the National Assembly and their aides respond by 6 p.m. on the 10th regarding their holdings of real estate in the 3rd New Town areas.

On the 5th, party leader Lee Nak-yeon ordered a thorough investigation into land transaction records related to the 3rd New Town for party-affiliated lawmakers, local government heads, and local council members.

Regarding the spreading controversy over speculation by employees of LH (Korea Land and Housing Corporation), Choi said, "We regard this as a very serious matter and must respond under the principle of the strongest possible punishment."

He continued, "Our party lawmakers are drafting bills that include measures such as recovering speculative profits and strengthening penalties to prevent recurrence. There was also an opinion that the party should comprehensively review these and consider creating a unified bill if necessary."

On the issue of Minister of Land, Infrastructure and Transport Byun Chang-heum's position, he said, "There has been no discussion," adding, "There was only an opinion that the ministry should respond thoroughly as the competent authority without triggering any protective instincts toward LH."