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President Park Geun-hye Orders Deregulations in Housing Market
Kingpin of Economic Revitalization
President Park Geun-hye Orders Deregulations in Housing Market
  • By matthew
  • July 15, 2014, 07:26
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President Park Geun-hye makes introductory remarks at a presidential secretary meeting held on July 14.
President Park Geun-hye makes introductory remarks at a presidential secretary meeting held on July 14.

 

President Park Geun-hye said that excessive regulations in the housing market that were introduced during the bubble stage should be eased to revitalize the market.

“The housing market is where the general public can feel the recovery of the national economy first,” she remarked at the secretary meeting she presided over that day, adding, “As such, the revitalization of the real estate market is a very urgent matter.”

It has been said that the remarks are to buttress the housing deregulation policy of her second economic team launched this week headed by Deputy Prime Minister and Minister of Strategy & Finance Choi Kyung-hwan. Under the circumstances, the relaxation of the DTI and LTV ratios is expected to follow the processing of the pending bills relating to repealing the restitution of redevelopment profits and the flexible management of the price ceiling system.

“I would like the second cabinet to prepare its economic policy for the second half of this year as early as possible, so that people can feel the recovery,” she continued, “At the same time, the priority of the 59 policy tasks will have to be determined without delay for concentrated execution as a part of the government’s three-year plan for economic reform.”

She also mentioned that deregulation is directly related to investment and job creation, and thus she will check on the history of the implementation of deregulatory measures by holding a conference in the near future.