Gov't Will Not Ease Real Estate
Policies to Shore Up Housing Industry

Fifty-seven people honored with prizes during the Housing Construction Day anniversary

Fifty-seven people honored with prizes during the Housing Construction Day anniversary
Minister of Construction and Transportation (MOCT) Lee Yong-sup said the government will not ease real estate policies in order to shore up the slumping housing industry despite a rising number of unsold apartments across the nation.
Lee said in a speech during a ceremony to celebrate the Housing Construction Day anniversary held at the Construction Hall in Seoul on Dec. 6, "An increase in unsold housing is caused by a mismatch of a supply glut and a lack of demand arising from high selling prices. But any solution to reignite the demand for multiple housing units - possible sources of speculative investments - to support the housing construction industry is not acceptable to a majority of the people."Minister Lee said that some people demand a relaxation on real estate policies in a move to turn the housing construction industry around,
but the nation should not forget the dear price it has paid - the pain felt by low-income people and the immense social and economic burden inflicted by housing price hikes in recent years.
He ruled out the possibility that the government will take steps to encourage speculative demand under any circumstances and spur the selling of big-ticket apartments - measures designed to support marginal companies.
The minister said the government will strive not only to meet a long-term goal of eradicating real estate speculation and solve a short-term problem of unsold housing units, but also to harmonize the interests of the whole of the housing construction industry and those of individual companies. Minister Lee added that the MOCT will cooperate with related government agencies to provide its utmost support to protect "honest and hardworking"companies from the financial crunch arising from credit tightness and not to dampen low-income earners'demand for possessing their own homes.
Some 800 government and industry officials participated in the anniversary ceremony held at the Construction Hall in Nonhyeon-dong, Seoul.
Fifty-six people were honored with diverse orders, citations and prizes during the anniversary event.
Byucksan E&C CEO and President Kim In-sang was presented with the Order of Industrial Service, Gold Tower, in recognition for his contribution to the development of the domestic housing construction industry. The Order of Industrial Service, Silver Tower, went to Geunhwa Construction Co. CEO Kim Ho-nam, Kumho Industrial Co. Executive Vice President Lim Byung-wook and Youseung Corp. CEO Min Kwang-ok. nw

Shin Hoon, chairman of Korea Housing Association

Ko Dam-il, chairman of Korea Housing Builders Association

Minister of Construction and Transportation Lee Yong-sup presents a prize to one of the 57 award winners during the Housing Construction Day anniversary event on Dec. 6 at the Construction Hall in Seoul.