"Citizens Outraged Over Real Estate Speculation"
"Strengthening 'Public Concept of Land' Law Amendment in Regular National Assembly"
[Asia Economy Reporter Lim Juhyung] Former Minister of Justice Cho Kuk has judged that the unfavorable trend for ruling party candidates in the Seoul and Busan mayoral by-elections is due to 'real estate speculation,' and has proposed strengthening the 'public concept of land' as a measure to eradicate it.
On the 28th, Cho wrote on his Facebook, "Citizens outraged by real estate speculation are supporting candidates who have engaged in and encouraged real estate speculation."
Cho's remarks are interpreted as a claim that opposition candidates, including Oh Se-hoon, the People Power Party candidate for Seoul mayor, and Park Hyung-joon, the same party's candidate for Busan mayor, are leading in polls despite being suspected of real estate speculation.
In response, Cho emphasized, "We must humbly reflect that it is 'our fault,'" and added, "We need to rapidly implement radical measures to eradicate real estate speculation."
In particular, he said, "We must fix the barn quickly. It would be good to immediately pass the 'Conflict of Interest Prevention Act,' which has been finalized," and proposed, "In the regular National Assembly session, we should amend laws to strengthen the 'public concept of land.'"
He reiterated, "The Constitutional Court has not ruled the 'public concept of land' law itself as unconstitutional or inconsistent with the Constitution."
The Korea Land and Housing Corporation (LH) Gwangmyeong-Siheung Project Headquarters, where allegations of land speculation in the 3rd New Town by some executives and employees have surfaced. / Photo by Yonhap News
Earlier, on the 16th, former Minister Cho also advocated strengthening the public concept of land as a measure to 'eradicate real estate corruption.'
At that time, he wrote on Facebook, "The constitutional amendment proposals initiated by President Moon Jae-in, announced three times from March 20, 2018, reveal important directions for our country," and added, "As someone involved in drafting these proposals, I want to emphasize the constitutionalization of the 'public concept of land' in the current situation."
He continued, "Among the 'three laws on the public concept of land'?the Land Excess Profit Tax Act, the Land Ownership Limit Act, and the Comprehensive Real Estate Tax Act?the Land Excess Profit Tax Act was declared unconstitutional in 1994, and the Land Ownership Limit Act was ruled unconstitutional in 1999," but emphasized, "At the time of the Constitutional Court's decisions, the rulings were made for legislative technical reasons, and the intent to restrict land ownership for the benefit of the community was not denied."
He added, "Immediate constitutional amendment is hopeless," but reiterated, "Eradicating real estate corruption is possible through legislation strengthening the 'public concept of land.' With 180 seats, it can be done."
Meanwhile, the public concept of land refers to a system that recognizes an individual's right to own land but allows the state to reclaim profits arising from the use and disposition of the land.
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