The National Assembly’s Land, Infrastructure and Transport Committee convened a full meeting on the 23rd, approving several significant legislative measures. One notable extension is the special law on jeonse (monthly rent) fraud, which was scheduled to end next month, now extended for two more years until the end of May 2027. This law aids victims by allowing the Korea Land and Housing Corporation (LH) to purchase fraud-affected properties through auctions or public sales, utilizing auction proceeds to support victims.
The ‘Project REITs’ initiative was also introduced, permitting Real Estate Investment Trusts (REITs) to expand their scope beyond investment to include development and leasing, aiming to optimize the use of commercial facilities without vacancies. The revised law supports scenarios where developers with low capital ratios could encounter project financing risks, suggesting that REIT involvement will enhance business stability. Additionally, a local co-prosperity REITs system and a REITs support center are to be established.
The legislation mandates comprehensive management of real estate project finance by collecting information on development project status and coordinating public-private real estate projects through a newly established Real Estate Development Project Coordination Committee.
In response to frequent ground subsidence accidents, the Minister of Land, Infrastructure, and Transport will have the authority to investigate underground facilities and surrounding areas in regions with subsidence concerns, as per the revised Underground Safety Management Act. This act will take effect immediately due to its urgency.
Following last December’s Jeju Air disaster, December 29 is designated ‘Aviation Safety Day,’ with the introduction of a professional air traffic controller system to align controller qualifications with international standards. Institutions aiming to train controllers must be designated as professional education institutions, and prospective controllers must pass aptitude tests.
However, to ensure the effectiveness of the professional air traffic controller system, amendments to the current civil service recruitment regulations are necessary. Under the present guidelines, air traffic controllers can be hired as level 8 specialists, and adjustments are needed to classify them as professional air traffic controllers.
Representative Son Myung-soo of the Democratic Party of Korea emphasized the necessity of amending the civil service recruitment regulations in coordination with the Ministry of Personnel Management, as the revised Aviation Safety Act will be implemented in January 2026.