A bill was proposed in the National Assembly that restricts Korea Land and Housing Corporation and LH employees from acquiring real estate other than the purpose of their actual residence, and confiscates profits from real estate sales using undisclosed information.
Representative Park Sang-hyuk of the Democratic Party, along with the National Assembly Land and Transportation Committee, proposed a partial amendment to the Korea Land and Housing Corporation Act.
The amendment included restrictions on real estate acquisition for LH employees as well as their families for real residence purposes.
In addition, it included an investigation into the speculative behavior of employees through a thorough preliminary survey on the land in the project district.
In addition, if LH employees acquire real estate using undisclosed information, they are subject to imprisonment for up to three years or a fine of up to 30 million won and confiscate or collect property profits.
Rep. Park Sang-hyuk said, "The preliminary speculation of the new city by LH employees aroused anger, disappointment and collapse of the whole people." It is expected to be able to block pursuing behavior."
(Photo = Yonhap News)