Solidarity for Public Housing Development Area Owners and Residents president Im Chae-gwan signed a business agreement with Mirae PM CEO Jeong Hun-su to protect property rights of land owners of the areas affected by the government's public housing development project. Under the professional leadership of Mirae PM, both parties are to carry on their point of returning 100% of the profits generated by the project to land owners. Monthly <PowerKorea> editor Baek Jong-won invited Im and Jeong to a round talk table and heard about their points. 

Baek: The compensation of the government's purchase of the privately owned lands for public housing development by legal force seems to be in full swing. I invited you two to this round table to hear about the problems and your professional opinions. 

Im: The existing Land Compensation Act has no specified articles about discrimination on agreed transfer and expropriation decision. But the Korea Land and Housing Corporation (LH) fundamentally excludes compensation in such terms. It is an utter breach of the article 11 of the Constitution (equal rights), of the article 23 (compensation rights) and of the article 27 (rights to trials). 

Jeong: It is indeed. The owners of the lands for public housing development must ask compensation based on agreed transfer and expropriation decision stated on the existing Land Compensation Act.

Im: Land, Infrastructure and Transport Minister Kim Hyun-mee avowed expansion and activation of compensation in an effort to prevent speculation and higher resettle rate of the native residents December 19 2018. So the current giveaway price of the LH for compensation must be stopped and it must be reconsidered right now. 

Baek: Apart from government's giveaway price, some land compensation agencies are making noises here and there. What do you think about that?

Im: That's why we, the Solidarity for Public Housing Development Area Owners and Residents, signed a business agreement with Mirae PM. Mirae PM took initiative to form a land compensation guild to rationally carry on land compensation services. It fits the purpose of the Solidarity as well as the purpose of the presidents in the affected areas nationwide.

Jeong: We formed the first ever land compensation guild for residents in the Galmae station area in Guri City since the signing of the business agreement with the Solidarity. The good of this is that we are the main agent of the development project and we are the one to cut off any possible malpractices of tricky agents. In other words, we will return 100% of profits generated from the project to native residents.

Im: Most land compensation agents seem to lack in experience. In fact, many of them extorted more than 70% of the compensation due to residents by tricky loan consulting and advanced payments. 

Jeong: That's right. For the eyes of malicious land compensation agents, native residents are just prey. Residents don't know that they borrow money on their own compensation rights but the agents make up the paper as if they (agents) lend money to the land owners in order to extort the money out of it. It is very serious.

Im: The Solidarity so far has identified these malpractices in a number of areas including Magok, Wirye, Suseo, Janghang, Dangsu, Juam, Geumto and Bokjeong. 

Jeong: The Ministry of Land, Infrastructure and Transport with LH has brought up measures to prevent these malpractices but in vain. So the government revised the law and declared April this year that those involved in the malpractices are subject to less than 3 years in prison or less than 10,000 million won ($83,000) fine. Nevertheless, things are not changed much yet. Some of these bad agents to name are G, W, M and H, though I cannot reveal their full names. 

Baek: Things are more serious than I thought. What is your plan against this?

Jeong: Undoubtedly, residents must work with trustworthy agents who are transparent, honest, professional and experienced. Transparency above all is the key to take look at it first with attention to detail regardless which agent you are working with. 

Im: It is encouraging that the Mirae MP's land compensation guild in the Galmae station area in Guri City will be the first case of the native residents being 100% compensated. It is also encouraging that residents in Hanam, Gwacheon, Wangsook, Gyeyang, Changleung and Daejang, the 3rd phase new towns with membership of the Solidarity, will soon engage the compensation procedure. For this, we will proactively discuss the procedure with the residents on behalf.

Jeong: I and my team of Mirae PM will provide professional and transparent services for the guild and we will make sure that not a single resident should be a prey to malicious agents. 

Baek: I hope your service will be done as you said and it will be a good example for many residents in the public housing development areas. Nice to have you both here today. Thank you.