Legislation Responding to 'LH Incident' Passed in National Assembly Plenary Session...Stricter Requirements for Farmland Ownership

[Asia Economy Reporter Park Cheol-eung] The amendment to the Farmland Act aimed at eradicating farmland speculation passed the National Assembly plenary session on the 23rd. This measure tightens the farmland ownership requirements as a countermeasure against speculation incidents involving some employees of Korea Land and Housing Corporation (LH).

When applying for farmland acquisition qualifications, mandatory items in the agricultural management plan will be expanded to include occupation and farming experience, and submission of related supporting documents will be made compulsory.

Additionally, for the acquisition review of farmland intended for weekend or experiential farming purposes, submission of an experiential farming plan including farming distance will be mandated, and a farmland committee consisting of local farmers, experts, and civic groups will be established to take charge of the review.

For farmland acquired for speculative purposes, disposal orders can be imposed without a mandatory disposal period, enabling prompt enforcement of compulsory disposal procedures. Sanctions against farmland speculation will also be strengthened, such as allowing the imposition of enforcement fines based on the higher value between the publicly announced land price and the appraisal value for those who fail to comply with farmland disposal orders.