'Final TV Debate' Kim Eun-hye vs Yoo Seung-min, GTX Private Investment Issue Reignites

Yu: "If GTX is done by private capital, fares will rise... National funding is necessary"
Kim: "If funded nationally, speed will slow... Private capital is inevitable"
Kim: "Public development profit recovery system is natural", Yu: "Lee Jae-myung's policy"

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Hyun-ji] On the 19th, Kim Eun-hye, a member of the People Power Party and candidate in the June 1 local election for Gyeonggi Province governor, and former lawmaker Yoo Seung-min once again confirmed their differences over the issue of attracting private investment for the metropolitan area high-speed transit (GTX). In the debate on real estate policies such as the public development profit return system for residents and the Gyeonggi Housing and Urban Corporation (GH), former Gyeonggi Governor Lee Jae-myung, the senior advisor of the Democratic Party, was brought up.

In the final third TV debate hosted by Yonhap News TV, the two candidates emphasized that they are the right person to solve Gyeonggi Province’s transportation problems. When former lawmaker Yoo said, “I will prioritize solving transportation issues first,” Kim responded, “I will properly assist the desperate residents’ means of transportation.”

Regarding the issue of attracting private investment for GTX, a fierce exchange took place. Former lawmaker Yoo argued, “If GTX lines A, B, and C are funded privately, the fares may become expensive. If I become governor, I will negotiate with the central government to reduce the burden on ordinary citizens even if the lines open,” advocating for GTX to be promoted with national funding. In response, Kim said, “Gyeonggi residents have been eagerly waiting for GTX,” adding, “If it is done with national funds, it could actually be delayed further. We should first proceed with private investment and then find ways to supplement it midway,” promoting the inevitability of private investment attraction.

In the real estate policy debate, whether they inherited the ‘Lee Jae-myung-style policies’ became a key issue. Kim said about former Governor Lee’s public development profit return system for residents, “It is natural. It is the spirit of the law, and public development profits must naturally be shared by the project entity and the residents subject to public development.” Then former lawmaker Yoo said, “This was what former Governor Lee was trying to promote and is the core system of the Daejang-dong development project,” adding, “He gave it a plausible name and promoted it, but since it enabled the Daejang-dong project, if I become governor, I plan to completely abolish it.”

Regarding GH, Kim said, “I think GH’s role within Gyeonggi Province should grow,” but also mentioned the need for GH reform, saying, “The Daejang-dong and Baekhyeon-dong development projects, which are public-private joint developments, have undermined housing stability for low-income residents in Gyeonggi Province.” Yoo said, “Gyeonggi Province desperately wants to do this, but since the Korea Land and Housing Corporation (LH) does not help, it must be done through GH,” adding, “However, if LH can provide public rental housing for low-income groups, youth, newlyweds, and the homeless, GH should leave some capacity available.”