Won Hee-ryong, Advocating Real Estate Vision: "Capital Gains Tax and Property Tax Should Be Eliminated for Actual Owners"

Won Hee-ryong, Governor of Jeju Province and a potential presidential candidate for the People Power Party, is greeting Lee Jun-seok, leader of the People Power Party, at the One Korea Innovation Forum launch event held on the 22nd at the Kensington Hotel in Yeouido, Seoul. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Jun-yi] Won Hee-ryong, governor of Jeju Province and a presidential candidate from the opposition, proposed real estate innovation measures, arguing that "capital gains tax and property tax should be eliminated for actual owners."

On the 22nd, at a lecture held at the Kensington Hotel in Yeongdeungpo-gu, Seoul, during the policy advisory group 'One Korea Innovation Forum Launch Ceremony,' Governor Won said, "We need to create a group of talented individuals who can propose and implement rapid innovation methods to build governing capabilities."

He pointed out, "Looking at other countries, when people move from a small house to a bigger one by saving money, they receive subsidies rather than being taxed. However, we have a flawed housing policy that forces all citizens to become monthly rent tenants or sharecroppers."

He added, "To help people own their homes, we can even provide a 100% loan-to-value ratio (LTV). Some countries offer up to 120%," he said.

He continued, "We must protect the legitimate desire for homeownership and the hope of social mobility," emphasizing, "The state should extend a hand to those who dream and challenge themselves by creating private-sector-led policies."

At the launch ceremony, the leadership of the People Power Party attended to encourage Governor Won. Lee Jun-seok, leader of the People Power Party, said, "I believe it is time to recognize the efforts made over the past 20 years," adding, "I think Governor Won will be able to play a greater role for the party and the country regardless of his position, and I will support and help him in any way I can in his future endeavors."

Kim Ki-hyun, floor leader of the People Power Party, also commented on Governor Won, saying, "He has a long history with our party and is like a 'blue-chip value stock' in terms of shares," adding, "Investing in value blue-chip stocks is rational."