Real Estate Market Ministers’ Meeting
Promotion of land transaction permit system for public officials related to real estate
Restrictions on employment and permits when four major disturbing acts are detected
2·4 housing supply measures to proceed according to schedule
The government plans to introduce a plan to collect up to five times the profits for public officials who have obtained unfair profits by using internal information related to real estate development. In addition, a real estate registration system for employees related to land development and housing business, and a land transaction permit system for related public enterprises and public officials will be promoted. However, the existing housing supply countermeasures, such as the 2/4 supply countermeasures, will be pursued as scheduled, but it is questionable whether the supply countermeasures that have already lost the market’s trust will be properly implemented.
Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance held a briefing at the Seoul Government Complex immediately after the’Real Estate Market Ministers’ Meeting’ on the 7th and said, “We will ensure that the gains gained unfairly are returned to prevent such attempts from happening again.”
Deputy Prime Minister Hong said, “In principle, employees of departments and agencies related to land development and housing will restrict land transactions within certain categories and report inevitable land transactions. “We will take action under zero tolerance such as disciplinary action.” As one of the measures to prevent real estate speculation, the government plans to introduce a regular monitoring system such as the real estate registration system. In addition, it plans to supplement the management evaluation system of public institutions by reinforcing the evaluation of ethical management or fair management.
Deputy Prime Minister Hong mentioned the’four major market disruptions’ related to the real estate market on the day and emphasized that he would strictly cope with the related acts. The government classified △speculation using private and internal information, △price manipulation such as collusion, △disruptive behavior such as false sale, △illegal resale and unfair subscription, into the four major disturbing activities. Deputy Prime Minister Hong said, “In addition to the collection of unfair gains, we will return more than the gains obtained from criminal acts by referring to the punishment for unfair acts under the Capital Market Act.” “I will prevent it from getting into the real estate market.” The Capital Markets Act imposes a fine of 3 to 5 times the related gains for unfair transactions using undisclosed stock information.
However, despite allegations of speculation by LH employees, the government is planning to pursue housing supply measures as originally planned. Deputy Prime Minister Hong said, “We will certainly implement housing supply measures, including the February 4 supply measures that supply 830,000 households, on schedule.” “In April, we will announce the location of the second new public housing site. In July, we will start each pre-subscription for the 3rd new city.” The government plans to further discuss the prevention of market disruption and related detailed measures at the meeting of ministers concerned with real estate market inspection in the future.
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/ Sejong = Reporter Yang Chul-min [email protected]
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