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Reaction Towards Appointment of Overheated Speculation Districts

Reaction Towards Appointment of Overheated Speculation Districts

Posted July. 12, 2004 22:16,   


As the government bound the proposed site for the new capital and its neighboring areas as an overheated speculation district and additionally appointed those as a residential speculation district, local people showed repulsion, saying, “It is a measure to excessively restrict personal property rights and make local economies dwindle.”

Hwang, In-san (48), the head of a village in Jongchon 2-ri, Nammyun, Yeongi-gun, Chungnam, protested that, “the rural community is now deeply in debt because of the government’s failure in agricultural administration. Are they trying to make all of us go bankrupt by denying us the right to execute land and housing transactions?”

He displayed his complaint, saying, “We were at first happy at the news that our town was appointed to be the proposed site for the new capital, but as time goes on, the government is only taking actions such as the regulation of the property rights that hold residents down without any countermeasures.

Kim (42), a resident in Gyeryong-si, Chungnam, said, “My town was excluded from the four candidate cities earlier on, and it feels like we have been struck by a stray bullet.” and criticized, saying, “It is a rough-and-ready measure that produces innocent victims by tying the regulation in districts more than necessary.”

South Choongcheong Province delivered its message to the government that it is against the appointment of overheated speculation districts in principle, and that even if the regulation were carried out, should be done selectively.

Kim, Chang-hun, a chief clerk of housing in South Choongcheong Province said, “Recently, I’ve been informed of the opinions from relevant cities such as Yeongi, Gongju, and Nonsan, and the speculation aspect was not as serious except for some apartments in Yeongi.” and added, “If speculation must be the concern, it must be restricted to the units of housing-development apartments within the proposed sites.”

Authorities of South Choongcheong Province and the concerned cities are receiving protest calls such as: “Why are the authorities adding an extra weight to inconvenience of the people by regulating property rights?”

Rim, Yeh-chul, the head of S real estate agency in Jochiwon-eup, Yeongi-gun, said, “Speculators from external territories have already made or invested money in apartment complexes of subdivisions, so it seems a little late"

Myung-Hun Jee Ki-Jin Lee mhjee@donga.com doyoce@donga.com