Kim Bu-gyeom: "We Will Thoroughly Rectify Real Estate Corruption and Irregularities"

Opening Remarks at the National Assembly Confirmation Hearing

Prime Minister nominee Kim Boo-kyum is taking an oath at the confirmation hearing held at the National Assembly on the 6th. May 6, 2021 [Photo by Yonhap News]

[Sejong=Asia Economy Reporter Son Sun-hee] Kim Boo-kyum, the nominee for Prime Minister, said on the 6th, "We will thoroughly rectify real estate corruption and irregularities, and ensure that housing price stability and supply are harmonized."

In his opening remarks at the National Assembly confirmation hearing that morning, Kim said, "The public is very angry and disappointed due to the Korea Land and Housing Corporation (LH) scandal and real estate issues," adding, "I painfully accept the stern reprimand from the by-elections." He continued, "I will keep the public's rebuke in mind," and "If given the opportunity to serve as Prime Minister, I will do my best to devote myself to this heavy responsibility."

He also stated, "I am well aware that the public has been greatly disappointed by real estate policies and the conduct of public officials," emphasizing, "I will no longer cause disappointment. I will firmly implement the strong measures to eradicate speculation prepared following the LH scandal in March." Furthermore, he said, "While maintaining the government's ongoing policy of stabilizing real estate prices, we will ensure that genuine buyers do not face difficulties in securing housing."

Until now, Kim had emphasized 'principles' in response to questions about real estate policies such as demands to ease the comprehensive real estate tax, effectively showing opposition. However, his mention of 'helping genuine buyers secure housing' in his remarks indicates a slight shift from his previous stance.

Kim also supported the introduction of a 'COVID-19 loss compensation system,' saying, "The state must devise appropriate compensation measures for small business owners and self-employed individuals who cooperated with quarantine efforts to prevent the spread of COVID-19, as well as workers whose jobs have decreased."

He added, "Life is more difficult for young people than ever," emphasizing, "We will make special efforts to stabilize the lives of the 2030 generation and expand the social safety net."