Demolition Residents Group: "LH Speculation Allegations Are a Serious Issue... Development Method Is the Structural Cause"

On the 9th, in front of the Blue House Fountain in Jongno-gu, Seoul, officials belonging to the National Demolition Residents Council held a press conference urging the dismantling of LH in connection with recent allegations of preemptive speculation by employees of the Korea Land and Housing Corporation (LH). Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Song Seung-yoon] A group representing evictees has called for prompt reform, stating that there is a structural cause in the development methods of Korea Land and Housing Corporation (LH) regarding the speculation allegations involving LH employees in new town developments.

The National Council of Evictees (Jeoncheolhyeop) held a press conference on the 9th in front of the Blue House fountain, stating, "The real estate speculation by LH employees is not a deviation by some employees but a serious incident," and "Such speculation has structural causes in LH's development method, which causes real estate prices to skyrocket through land expropriation."

They pointed out, "Even though the housing supply rate exceeds 100%, 60% of people aged 40 to 64 remain homeless," and added, "While some gain unearned income through real estate speculation, others lose even the land they owned, making it impossible to realize a fair society."

They continued, "The government must reform LH and revise related laws so that it can truly become a public enterprise."