Lee Proposes Reviewing Large-Scale Increase in Holding Burden for Non-Business Real Estate Owned by Companies

Presides Over National Economic Advisory Council

Orders Policy Office at Presidential Office to Review Measures

President Lee Jaemyung has proposed considering measures to increase the holding burden on non-business real estate owned by companies.

Yonhap News Agency

On April 9 at the Blue House, while presiding over the first plenary session of the National Economic Advisory Council, President Lee stated, “Let’s review ways to impose a substantial holding burden on non-business real estate owned by companies.”

President Lee added, “I am convinced—and will make sure—that Korea’s industrial and economic system will only function properly if, by any means necessary, real estate speculation is made impossible and it becomes unfeasible to profit from speculative real estate operations.”

He also remarked, “There was a time in the past when sweeping regulations were imposed, but it seems they have all but disappeared now,” instructing the policy office to review this matter as a separate agenda item.

President Lee also announced plans to expand the normalization of real estate beyond housing issues to general real estate. He said, “Why do companies hold large amounts of real estate when it’s not even immediately necessary?” He further instructed, “After addressing housing issues, the next phase will be to expand from farmland to general real estate, so since the topic has come up, review it in advance.”

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