Establishment of Real Estate Transaction Analysis Agency Promoted... Account and Tax Payment Information Accessible
Government "New Housing Sites to be Announced in April"
Prime Minister Chung Sye-kyun announced the results of the Anti-Corruption Policy Council on the 29th at the Government Seoul Office in Jongno-gu, Seoul. Attending the briefing were Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, Minister of Justice Park Beom-gye, Minister of the Interior and Safety Jeon Hae-cheol, Minister of Land, Infrastructure and Transport Byeon Chang-heum, Minister of Agriculture, Food and Rural Affairs Kim Hyun-soo, Financial Services Commission Chairman Eun Sung-soo, Anti-Corruption and Civil Rights Commission Chairperson Jeon Hyun-hee, and Director of the Office for Government Policy Coordination Koo Yoon-chul. Photo by Kim Hyun-min kimhyun81@
[Asia Economy Reporter Jang Sehee] The government has declared a war against real estate speculation and is accelerating the revision of related laws and the establishment of a Real Estate Transaction Analysis Institute. This aims to resolve the issue of real estate inequality caused by the recent land speculation allegations involving employees of Korea Land and Housing Corporation (LH).
On the 10th, a senior government official stated, "We have entered the final stages of drafting subordinate legislation," adding, "It takes time to specify laws such as the Public Officials Ethics Act." He further said, "The broad framework of eradicating speculative demand and protecting genuine demand will be maintained."
The amendments include a total of 14 laws, such as the Real Estate Transaction Reporting Act and the Public Officials Ethics Act. The government has previously mandated property registration for all public officials at grade 9 or higher, including teachers, police officers, and firefighters. To eradicate real estate speculation, amendments to five laws, including the Farmland Act and the Act on the Management of Agricultural and Fishery Businesses, have already been proposed.
To prevent a recurrence of the LH incident, the government is also promoting the establishment of a Real Estate Transaction Analysis Institute with about 100 personnel. The institute will have authority to access account and tax payment information and will monitor abnormal transactions in the real estate market and analyze market disruption activities.
The plan also includes institutionalizing a system where financial institutions notify the Real Estate Transaction Analysis Institute if they determine a land-secured loan involves suspicious speculative transactions.
Meanwhile, the government plans to proceed with housing supply measures, including the 2·4 Plan, as scheduled. Hong Namki, Deputy Prime Minister and Minister of Economy and Finance, previously stated, "We will announce new housing sites in April," and added, "We will announce additional candidate sites proposed by local governments in April and May, and promote integrated public contests for private proposals in May."
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