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Senior LH executives, including CEO Jang Choong-mo (fourth from left), apologize to the public for allegations of pre-speculation at the Seoul Regional Headquarters of the Korea Land and Housing Corporation in Gangnam-gu, Seoul on the 4th. LH Offer
Amid growing public condemnation by Korean Land and Housing Corporation (LH) employees for speculation allegations in Gwangmyeong Siheung district, the status of their land purchase is being revealed one after another. They pretended to farm to avoid agricultural land law regulations and increase compensation, and it is suspected that they divided the lot according to land compensation regulations. It is a common technique for speculators seeking profit in new areas of urban development.
Did you learn it through compensation over many years?
As a result of the analysis of a certified copy of the land registry of Siheung-si, Gyeonggi-do held by LH employees on the 4th, the 5,025m2 field in Guarim-dong was purchased for 2,250 million won on the 27th. February of last year. The land was then divided into four parcels of 1,407㎡ · 1,288㎡ · 1,163㎡ · 1,167㎡. In case of land acceptance, 1000㎡ is the standard of compensation for land in nearby areas instead of cash compensation. The current owners of the divided land are seven, of which four are LH employees working in the metropolitan area.
Previously, on June 3, 2019, four LH employees purchased a rice field with an area of 3,996m2 in Guarim-dong for 1,510 million won. Two of them divided the land into 1,332m2 and the other 2 in 666m2. Three out of four are known as colleagues who worked in the same department at the nearby LH Gwacheon Uiwang Project.
A seedling planted in a field in Gwarim-dong, Siheung-si, Gyeonggi-do, which is suspected of speculation. Reporter Kim Ji-seop
Thousands of seedlings about the height of an adult’s knee are now densely planted on farmland purchased by LH employees. According to the Farmland Law, farmland can only be owned by those who cultivate it directly, and a separate compensation fee is set for trees when the land is incarcerated. This is why it is suspected that the seedlings were planted to avoid regulations and increase compensation. Mr. A, who runs a reputable brokerage office near Guarim-dong, said: “Because these people couldn’t farm on the farmland, we planted trees.”
They also received billions of billions of loans as if they were confident in the profitability of their investments. According to Solidarity of Participation and Minbyun, LH employees invested 10 billion won in land purchase costs, and 5.8 billion won is a loan received from agricultural cooperatives in Siheung. Some lands are so-called blind lands with no connected roads, but the real estate industry finds it difficult to invest with huge loans if there is no confidence in development.
“The usable land in Siheung Gwarim-dong and Mujinae-dong is expensive enough to sell for between 9 and 12 million won per pyeong,” he explained. He added, “I think the interest on a loan per month will reach tens of millions of won, but I thought I would have bought it with the idea of having to put up with only one year after knowing the information to be developed.”
LH Employees Suspect Speculation In Siheung District, Gwangmyeong
The problem is seen as speculation to the public.
The government joint investigation team, which was launched under the strict order of President Moon Jae-in, has launched an extensive investigation as of today, and the police have also launched an investigation, but it is still difficult to say whether the punishment will be carried out. Applicable laws include violations of the Public Officials Ethics Law (Obligation to Prevent Conflicts of Interest), the Special Public Housing Law and the Anti-Corruption Law that prohibits the use of confidentiality in business.
The Ministry of Lands, Infrastructure and Transport’s own investigation also confirmed that the employees involved in the suspicion were not workers of the new departments related to the city. Although it is a clear speculation in the eyes of the public, and even if the method itself is suspected of speculation, it will not be easy to sanction if it is proven that it is a land purchase that has been judged by itself based on the market trend. For this reason, voices are being raised that politicians must also fill in sloppy laws. LH, who was at the center of the criticism, also said in an apology to the public on the day that “we will establish discipline for public service by renewing the organization in a massive and powerful way.”
In the midst of this, an LH employee is raising questions about the fact that he has given a paid lecture on YouTube using information from his work. Mr. Oh, in his 40s, who works for the Uijeongbu Project Division at the Seoul Regional Headquarters, was caught giving a land auction and auction lecture on an online real estate investment conference site without the company permission, and an internal audit is currently underway. Mr. Oh promoted himself as the “Korea Land’s No. 1 Speaker” and “Land Auction One Strike Speaker (No. 1 in Sales)”. “We will complete the investigation within this week and confirm the final facts,” LH said.
Kim Ji-seop reporter [email protected]
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