Gyeonggi-do Governor Lee Jae-myeong is answering questions from reporters after completing a privately held party committee at the National Assembly in Yeouido, Seoul on the 9th. Reporter Oh Jong-taek
Gyeonggi Province Governor Lee Jae-myeong said on the 16th, in connection with President Moon Jae-in’s announcement of the real estate decommissioning promotion, “There is no law that if the Korean society, which has a history of succeeding in dismantling the land-owned country by fixing the tenancy system that has been passed down for thousands of years, will not be able to dismantle the Real Estate Republic “He said.
In an article posted on his Facebook page that day, Governor Lee introduced a real estate blank trust system so that private interests could not be sought with real estate information obtained from public offices, and targeted to department heads of local governments, land development and housing related public officials and public institutions. It should be expanded to all employees,” he urged.
“It is real estate reform that would normally have been mitigated by vested resistance, but now, paradoxically, it is a’definitive opportunity’ for real estate reform, when the whole country demands the reform of unearned income. It is time to start reforming with the greatest intensity.”
Earlier, President Moon Jae-in said on the 12th, “Let’s face the anger of the people and make this an opportunity to clear up the’real estate abuse’ and set social justice right away.” At the meeting of the chief and advisors on the 15th, he said, “The government will strongly promote the clearing of real estate deposits and establishment of a transparent and fair transaction order with a firm determination and determination as key national tasks for the remainder of the term.”
In response, Governor Lee said, “I support the President’s determined will. My thoughts on the real estate issue are no different from what the President said. I feel once again that it is a’one team’ with one heart and one will.”
At the same time, he suggested’introduction of strong regulations’,’prevention, management and supervision through transparent information disclosure’, and’return of profits through taxation and financial reform’ as measures to reform the real estate system.
Governor Lee said, “Land has always been a barometer that determines the rise and fall of a nation. The era of fair land allocation has flourished, and the era of widespread land speculation is over. “I feel the imminent crisis in this country now that I cannot lift my head in front of the public’s anger over unearned real estate income.”
Governor Lee argued that “strong regulations are needed to cope with real estate speculation,” and that “public officials (including those working in real estate-related public institutions) should prohibit or restrict ownership except for essential real estate.” In addition, he stressed that “strong penalties, such as several times fines and criminal penalties, should be established for the possession of temporary or borrowed real estate by public officials.”
Along with this, he added, “Comprehensive reform measures are necessary for tax and real estate finance, such as eliminating taxation and financial benefits that promote real estate speculation.” “In the past, the Roh Tae-woo administration forced companies to sell non-business real estate with the aim of real estate stabilization. In the light of it, at least the equivalent level of coercion will be possible without disagreement between the opposition and opposition parties.”
Governor Lee said, “Prevention and supervision through transparent public information are necessary.” “The land use status should be transparently disclosed through a total real estate survey and used to screen out whether or not to speculate. If real estate information is integrated and computerized, and it is possible to view and use it for transaction investigation at any time, a much higher level of real estate speculation can be monitored.”
Also, “based on transparent information disclosure, a real estate market monitoring system similar to the financial market must be introduced.” “The financial market, which is regarded as a representative asset market along with real estate, has a market disruption blocking organization such as the Financial Supervisory Service under the rules of the’Capital Market Act’. It is used to respond to various unfair activities. In the real estate market, it is urgent to introduce such a management and supervision system.”
Governor Lee said that it was necessary to return profits through taxation and financial reform. He said, “As much as possible, unearned income from rising real estate prices should be recovered.” “At least public housing sites should not be sold in lotto, but the profits from sales are recovered by the public by supplying them in the same way as basic housing or life-long housing,” he said. It is correct to let them enjoy.
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Next, to the National Assembly, he said to the National Assembly, “Please come forward to enact the Real Estate Market Act, which is about revising the Public Officials Ethics Act to introduce a real estate blank trust system, and establishing a real estate supervisory service that monitors the real estate market like the Financial Supervisory Service.” We support the’Five Acts on the Prevention of Speculation and Corruption of Public Officials’ such as the Anti-Collision Act, and ask for the prompt legislative process with support.”
He said, “Gyeonggi-do will step by step from what it can do without revising the law.” “First, we will review the designation of a land transaction permission zone for public officials. As with the designation of a foreign land transaction permission zone to prevent the indiscriminate speculative land acquisition by foreign capital, we will block speculation in advance by requiring government officials and GH executives from Gyeonggi Province and Si/Gun to undergo a strict screening on land acquisition.”
In addition, “Gyeonggi-do will establish a real estate review committee for public officials in Gyeonggi-do.” “This is a plan to recommend prior notification of new real estate transactions by public officials in the province’s land development and housing departments, and to refrain from acquiring and disposing of them if it is deemed inappropriate as a result of the review. If the recommendation is violated, it is also being reviewed to reflect it in personnel.”
Governor Lee said, “If you think of the common people who are bleeding with real estate and the people who live a lifetime to pay off real estate loans, it is not too much. If there is, there is no law that the real estate republic cannot be dismantled.”
“Crisis always comes with opportunities. Historically, when society faced a crisis, we were able to find new possibilities and set foot on a new path. Gyeonggi Province will support the Moon Jae-in administration’s determination to clear real estate records with actions.”
Reporter Bae Jae-seong [email protected]
