**Even While on a State Visit to Singapore, Reiterates Warning to Real Estate Speculators**
During his state visit to Singapore, President Lee Jae-myung reiterated his commitment to “real estate normalization.” On March 1st, he stated, “While buying and selling houses is an individual’s freedom, it is up to the government to determine whether it results in profit or loss.”
In a post on X (formerly Twitter), President Lee remarked, “There’s no need to force politicians to sell or refrain from buying simply because one owns multiple properties or because they are non-resident.” He added that it’s not the act of buying multiple houses or not selling them that’s an issue, but rather the government policies on tax, finance, and regulations that make property ownership profitable. He pointed out that the issue lies with the politicians and government that create a system allowing speculation, not the speculators themselves.
President Lee clarified that selling properties held for investment or speculation purposes is not a “moral obligation.” He elaborated that this approach is intended to give those who have profited from past governmental failures a chance to avoid unexpected losses.
While abroad, President Lee cited Singapore as an example, stating, “Although Singapore is a nation with a small land area and a per capita income nearing $100,000, its people do not suffer from real estate speculation, and national development is not hindered.” He emphasized that this demonstrates what is possible with determined government action.
To those owning multiple properties or non-residential speculative investments, President Lee announced, “We will thoroughly design tax, finance, and regulations so that choices of the past become losses moving forward. New opportunities for rational choices will be given, as these measures will be implemented firmly, despite any unjust resistance or criticism.”
President Lee issued another warning regarding real estate speculation, saying, “Speculation robs young people of hope and ruins the nation.” Ensuring that distrust in policy choices never results in profit is viewed as a governmental success. There is interest in the reasoning behind President Lee’s continuous messaging during his visit, with some interpreting it as directed at People’s Power Party’s representative, Jang Dong-hyuk, who owns six properties, including an apartment in Seoul’s Guro-gu district.
[Reported by Sung Seung-hoon in Singapore]