Moon Urges Quick Housing Supply Despite LH Land Speculation Scandal

South Korean President Moon Jae-in stressed on Tuesday the need for the government to go ahead with plans to expand the housing supply, despite the alleged speculative purchase. of land by employees of the South Korean Land and Housing Corporation (LH), according to the presidential office, Cheong Wa Dae.

Cheong Wa Dae spokesman Kang Min-seok said Moon urged a two-way approach, thoroughly investigating relevant suspicions and swiftly pushing government-led apartment construction aimed at stabilizing the housing market.

According to the president’s verbatim words, during a meeting with his officials, the people’s confidence in the government’s housing supply measures should not be undermined.

His message came amid lingering doubts about the future of the government’s ambitious project, announced on February 4, to provide a total of more than 830,000 additional residential units, mainly in Seoul and the metropolitan area.

LH is supposed to take a leadership role in the program, which will take several years.However, some of its officials were found to have purchased a huge swath of farmland in Gwangmyeong and Siheung, in Gyeonggi province, before the recent announcement by the Ministry of Land, Infrastructure and Transport of a project to build tens of thousands there. of apartments.

Moon added that there should be no interruptions in the implementation of the February 4 real estate measure, adding that the supply-related measures should be implemented more quickly.

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