As South Korea’s overheated real estate market continued to reel from the repercussions of the Moon Jae-in administration’s rigorous anti-real estate deal regulations announced earlier this week, a civic group released data showing that major businesses are responsible for the investment hype.
According to the Citizens’ Coalition for Economic Justice, land owned by five major conglomerates -- Hyundai Motor, Lotte, Samsung, SK and LG -- saw their property value surge 61 trillion won ($52.4 billion) since 1995.
The group accused the previous governments and present administration of failing to obligate firms to properly disclose their land assets.
(
khnews@heraldcorp.com)
