'Daejang-dong Prevention Act' Urban Development Act and Housing Act Amendment Bills Pass Judiciary Committee

[Image source=Yonhap News]

[Asia Economy Reporter Park Jun-yi] The Democratic Party of Korea's proposed amendments to the Urban Development Act and the Housing Act, known as the 'Daejang-dong Prevention Law,' have passed the National Assembly's Legislation and Judiciary Committee.

On the 8th, the Legislation and Judiciary Committee approved the amendment to the Urban Development Act, which limits the private sector profit rate in public-private joint urban development projects, and the amendment to the Housing Act, which applies a price ceiling system to public-private joint urban development projects, during a plenary session.

The amendment to the Urban Development Act does not specify the exact upper limit of the private participant's profit rate but leaves it to be determined by enforcement ordinances.

These bills are scheduled to be submitted to the plenary session of the National Assembly on the 9th.