Hong Ji-seon addresses housing and land policy at hearing

Hong Ji-seon, the nominee for Minister of Land, Infrastructure and Transport, addressed several key policy issues during a National Assembly confirmation hearing on the 16th. Regarding the land transaction permit system currently applied to all of Seoul and 12 areas in Gyeonggi Province, Hong stated that a decision on whether to extend the designation beyond the end of this year will be made after closely monitoring market conditions and consulting with relevant ministries.

On housing supply, Hong pledged to mobilize both public and private sector capabilities to ensure rapid supply in areas desired by the public until market stability is felt. The nominee also emphasized the importance of regional balanced development, supporting mega-projects to create high-tech industrial hubs, and strengthening housing ladders for youth and newlyweds while protecting vulnerable groups such as the elderly and victims of jeonse fraud.

Addressing the development of Yongsan Park, Hong noted that consultation with the Seoul Metropolitan Government and building public consensus must come first. Regarding personal real estate holdings, Hong explained that the purchase of an apartment in Seoul last year was a necessity driven by the expiration of a jeonse lease rather than for profit, noting that frequent moves due to lease expirations were a significant hardship.