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Pres. Lee Warns Against Speculation for Low-cost Homes

Posted October. 08, 2009 07:37,   


President Lee Myung-bak yesterday warned against speculation of government-sponsored housing for low-income families.

He said this in announcing “bogeumjari” apartments for low-income households that do not own homes. Bogeumjari in Korean roughly means “sweet home.”

“If someone uses bogeumjari apartments for low-income families without homes for speculative purposes, they are no different from public enemies. Houses should not be used as a means of speculation. Only those willing to live in bogeumjari apartments should buy them,” the president said.

At a launching ceremony for the new Korea Land and Housing Corp. at the company’s headquarters in the Bundang district of Seongnam, Gyeonggi Province, he said, “The cheap price of bogeumjari apartments is not an issue but using cheap houses as a means of speculative investment is a serious problem.”

“Certain state-run corporations have outstanding CEOs and cooperative employees who are better than their counterparts at private companies. Such leaders should be given discretionary power. The government has considered measures to complement relevant systems and allow competent CEOs to run companies, as their counterparts at private companies do.”

President Lee added, “The integration of the Korea Land Corp. and the Korea National Housing Corp. has laid the cornerstone of Korea’s drive to become a more advanced nation. To become a really coordinated organization, the two companies should give up their vested rights.”