Citizens' Coalition for Economic Justice "Naegok and Segok-dong Land 42% Private Owned"

More than 40% of the land in Naegok-dong, Seocho-gu, Seoul, and Segok-dong, Gangnam-gu, where the green belt, a development-restricted zone, is likely to be lifted, is privately owned.

The Citizens' Coalition for Economic Justice claimed today (30th) that the landowner would inevitably benefit from the lifting of the green belt.

At the same time, he stressed that the government should not create a speculative belt and that the lifting policy should be withdrawn immediately.

In addition, the Citizens' Coalition for Economic Justice analyzed the transactions of Naegok-dong and Segok-dong green belts over the past five years,
He said he confirmed that about half of the total 160 transactions in
were in the form of splitting shares, and feared that it would be abused for speculation.

Share split is a method of buying green belts or land with low development value and then selling shares in installments with more money.