Seong-won Jeon, chairman of the residents’ self-government of Changneung-dong, Goyang-si, gave the same answer on the results of a thorough investigation into the allegations of land dumping by employees of the Korea Land and Housing Corporation (LH) announced by the government on the 11th.
On May 7th, 2019, the Ministry of Land, Infrastructure and Transport announced that it will build a 38,000-unit new town on a site of 8.13 million square meters in Changneung-dong, Yongdu-dong and Hwajeon-dong, Goyang-si, Gyeonggi-do, which is called the Changneung New Town.
At the time, Chairman Jeon Seong-won said in a phone call with E-Daily, “For decades, residents have requested to lift the development restriction area, but it was not accepted. As a result, many indigenous people were scattered due to the inconvenience caused by the development-restricted areas, and eventually most of the land in this area was bought by foreigners. “I am worried that the development of the 3rd new city will be reduced to a means of making money for outsiders.”
The suspicion that LH employees used the internal information contained in the development plan to buy the land was like predicting this situation in advance that drove the whole country into a land dump.
Chairman Jeon said that about six months before the plan to create a new city in Changneung was announced, rumors began to circulate at the local realtor office that the government’s large-scale housing site development plan included the whole area of Changreung-dong.
It is said that he turned to a specific drawing. The drawings that were distributed like that did not appear in the world until May 2019, but only minor modifications were made, and it was confirmed as the 3rd new city.
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However, in the case of the Changneung new town in Goyang, compared to the Gwangmyeong and Siheung districts, which are the key areas of the crisis, the land transaction volume before and after the designation of the 3rd new town increased sharply.
Choi Chung-hwan, who runs a restaurant in Yongdu-dong, said, “This neighborhood has been restricted to development for decades and most of the natives sold their land. “Because it is in close contact with Seoul and there are many foreigners who have the expectation that it will be developed someday, there will not have been much for sale because they bought the land from 20 years ago.”
The interpretation of the real estate agent Hemo, who specializes in intermediating the land in the projected area of the Changneung New City, was similar.
Broker Huh said, “In many cases, foreigners who were aiming for good news such as the 3rd new city development plan in the early days sold the land for investment purposes. As a result, the majority of the land was left unattended until the good news came out, so there wasn’t much of a deal.”
Although there were not many lands purchased by LH or the Ministry of Land, Infrastructure and Transport, who know the development information in advance, it is true that the new town of Changneung has turned into a means of making money for outsiders worried by Chairman Jeon Seong-won.
Choong-Hwan Choi said, “Isn’t the concept of’you can make money by buying land’ in the end?” he said. “Is it possible to make profits by buying land using internal information?” “Wouldn’t it make a big profit from the government’s announcement of the development plan, or make money from the land?” he said bitterly.
Meanwhile, the government surveyed the land transactions of the Ministry of Land, Infrastructure and Transport and all LH employees in eight districts, including the 3rd new city, and confirmed a total of 20 suspected speculation cases, and two were included in Goyang’s Changneung New Town.