PRESIDENT'S STANCE ON PRESERVING GREEN-BELT ZONES

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Critics say public distrust in government real estate policies has grown, as some government and ruling party officials proposed to open up greenbelt zones as a way to ease the housing supply shortage, following the government's latest package of real estate measures announced earlier this month. President Moon Jae-in put an end to these disputes by asking the government to find other solutions.

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​On Monday, President Moon Jae-in unveiled his stance on real estate-related issues after holding a weekly meeting with Prime Minister Chung Sye-kyun. He decided to preserve greenbelt zones for future generations. The announcement put an end to recent disputes over proposals to lift greenbelt restrictions to increase housing supply in Seoul and its surrounding areas, which fueled market jitters and public distrust in government policies. The South Korean leader called on officials to devise other measures to address the housing supply shortage, such as utilizing state-owned sites and facilities. The president asked the Defense Ministry and the Seoul city government to narrow differences on whether to develop a state-owned golf course in the capital as a residential area. It is known that Moon accepted the PM's recommendations produced at a meeting of high-level officials from the ruling party, government and top office, held on Sunday. The president then instructed the government to come up with measures to discourage the disproportionate investment of floating funds topping three quadrillion won in the property market.

[Soundbite] PRES. MOON JAE-IN : "All policies must be employed to encourage investments in healthy and productive investment destinations, instead of unproductive markets like real estate."

He cited the stock market as a healthy and productive investment destination.

[Soundbite] PRES. MOON JAE-IN : "Contrary to predictions of many experts, the Korean stock market remains stable. It is largely thanks to individual investors' active investment."

The government plans to unveil measures to expand housing supply within this month, as its failure in reining in the overheated property market is said to be the reason for the falling approval rating of the president and ruling party.