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The government announced comprehensive measures to prevent a recurrence and eradicate speculation within a month after the LH crisis.
Strong regulatory measures have emerged, such as expanding the property registry of public officials and making the process of owning and selling land more difficult.
Let’s go over one by one with the reporter. Reporter Taemin Kim!
As the government predicted, it has imposed strong omni-directional regulation, right?
[기자]Yes it is.
Since the outbreak of the LH crisis earlier this month, the government has focused on preventing recurrence and preparing measures to stamp out speculation.
Since the public sentiment related to real estate has deteriorated enormously due to the speculative controversy in the society of civil servants, a strong response was forecast and yesterday, after a month, a joint countermeasure was announced.
At this meeting, Prime Minister Jeong Sye-gyun emphasized that he would establish discipline for public office and use it as an opportunity to root out corruption in the real estate sector.
Let us listen together to the words of Prime Minister Chung.
[정세균 / 국무총리 (어제) : 정부는 이번 LH 사건을 계기로 공정과 정의의 근간을 흔드는 부동산 부패를 발본색원하고 공직기강을 바로 세워, 더 나은 사회로 나아가는 새로운 변곡점이자 전화위복의 계기가 되도록 하겠습니다.]In this countermeasure, investigative bodies such as prosecutors and police, the National Tax Service and the Financial Services Commission, as well as the Ministry of Lands, Infrastructure and Transportation, responsible for this countermeasure, raised countermeasures at all stages from prevention, detection , sanction and collection of speculation.
[앵커]Looking at it one by one, the biggest change is that the obligation to register property for public officials is vastly expanded, right?
[기자]Yes it is.
Currently, public officials who are required to register property are limited to public officials of level 4 or higher and executives of public institutions.
However, in the future, it is expected that practically all public officials will be subject to property registration.
First, 300,000 civil servants in charge of real estate matters will register their properties with the human resources department regardless of their status.
Consequently, starting this year, all properties must be registered and the real estate incorporation process must also be reported.
In addition, 1.3 million government officials and employees of public institutions must also register their properties with their organizations.
Furthermore, public officials engaged in business related to real estate are in principle restricted from acquiring new real estate in the area related to their work, and in case of unavoidable acquisition of real estate, they must inform the director of their institution.
[앵커]Are you saying that restrictions on the land transactions in question will also be much stronger?
[기자]A plan will be promoted to cut speculative demand from sources not only in the four public offices but also in all land transactions.
First, starting next year, the capital gains tax rate on land that is disposed of after short-term holdings will increase significantly.
When land owned for less than one year is disposed of, 70% of the proceeds of the transfer will be collected, and for land owned for less than two years, a high tax of up to 60% will be applied.
That is 20 percentage points higher than the current tax rate.
Even when non-commercial land held for more than two years is transferred, the hefty tax rate doubles from 10% to 20% points.
The government is in a position to tighten fiscal regulations to avoid the demand for “bump and fall” speculation using development information.
In other words, the plan is to cut speculation itself by reducing the profit that is made from short-term real estate transactions.
[앵커]Will it be even more difficult to acquire land?
[기자]Yes, in the future it is mandatory to present a financing plan to the local government even when acquiring land that exceeds 1,000 square meters.
In this case, it appears that public officials will be greatly reduced when it comes to mobilizing family members to buy land under the middle name.
In particular, in the case of designating a large-scale housing site, it was decided to receive a financing plan for land transactions within a specified period before the date of the announcement.
In addition, new LTV regulations will be established in all financial sectors for non-housing mortgage loans by households.
Previously, the LTV of non-residential mortgage loans in mutual finance sectors like Nonghyup, where LH employees received loans, was as high as 70%.
In the future, we plan to strictly block hedge funds from entering the field by enforcing strict regulations here.
In order to intensively monitor real estate transactions suspected of speculation, we decided to rush to establish a “Real Estate Transaction Analysis Institute” in charge of related tasks.
[앵커]What are the changes in regulations related to agricultural land?
[기자]Yes, if you are not a farmer, the process of owning farmland becomes more difficult.
First, we decided to reexamine the reasons for recognizing farmland ownership as an exception, and strictly limit them if they fail to serve the purpose.
In addition, it has been decided to add mandatory information to the agricultural management plan, such as ‘occupation’ and ‘agricultural career’, and make it mandatory to submit related supporting documents.
Furthermore, it has decided to further strengthen the agricultural land management system of local governments that monitors whether newly acquired agricultural land is being used correctly.
[앵커]Are there any changes to the compensation system to avoid speculation techniques like ‘planting seedlings’?
[기자]Yes, the seedlings that were planted closely to offset the transfer costs.
In the future, if a certain standard is exceeded, it will be excluded from compensation.
For example, only 33 apple trees are recognized as a normal range based on 1,000 square meters, and the rest are not compensated.
Also, even if it is not within the normal range, we plan to compensate the cost of transplanting and the cost of seedlings to the minimum level.
In addition, LH executives and employees are immediately excluded from ‘Large Land Remuneration’ or ‘Persons Subject to Negotiated Transfer of Housing Land Supply’.
In other words, the compensation provided to landowners in the land development process is locked from source to public officials.
In the future, the government is considering expanding the scope from those who are excluded from compensation for large land to those who are engaged in work related to related organizations such as the Ministry of Lands, Infrastructure and Transportation.
[앵커]How does LH change when authority and function are stated to be excessive?
[기자]Yes, measures to deal with LH, which caused the speculative controversy, have been postponed in the future.
First, the government decided to block the preliminary leak of development information by separating the location survey of new housing sites, such as new cities, from LH.
Consequently, the Public Housing Promotion Team of the Ministry of Land, Infrastructure and Transportation is expected to continue directly with the work of securing new housing sites.
As there are still urgent tasks such as 2/4 supply countermeasures, it seems that it has not been reasonable to pursue a reform plan to the level of dismantling the LH organization.
The government explained that it would rush to prepare and announce innovation measures, including measures to strengthen internal controls and avoid lazy management.
Until now, YTN Kim Tae-min from the Ministry of Economy[[email protected]]is.
