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Increasing Chinese property purchases concern Koreans
관리자 2021-08-04 오후 5:49:35 369

Increasing Chinese property purchases concern Koreans



Chinese buyers are increasing real estate purchases in Korea, leading to concerns among some Koreans who are suffering from soaring housing prices.

According to data from the Ministry of Land, Infrastructure and Transport submitted to Rep. Hong Seok-joon of the main opposition People Power Party, foreigners owned 157,489 real estate properties as of 2020, which is 2.2 times more than 2011. Of this number, 40,431 were apartments.

The real estate owned by Chinese nationals especially rose steeply. The number of properties owned by Chinese nationals totaled 57,292 in 2020, which is up 16.3 times from 2011. They account for 36.37 percent of total foreign ownership as of last year.

They are especially purchasing real estate in Seoul, with the number of properties under Chinese ownership increasing 11.1 times from 2011 to 2020. Chinese real estate ownership increased 26.6 times in Gyeonggi Province which surrounds the capital. On Jeju Island, a popular tourist destination, it grew 112 times to 11,219 properties. They are also purchasing real estate in Sejong, which is highly popular among real estate investors at this time. The number of Chinese-owned properties grew 85.3 times there.

The increasing real estate purchases by foreigners is causing concern over their negative impact on the real estate market, according to Rep. Hong, who said the same problem has become a contested political topic in countries such as Australia, Canada and New Zealand.

In online communities for sharing housing market information, some users are posting concerns that foreign property investors, especially from China, are pulling up housing prices even further and the Moon Jae-in administration has done little to solve the problem.

The government introduced layers of regulations to curb the steeply soaring housing prices, but they have failed to stabilize the surging prices and do not apply to foreigners. A person who submitted a petition to the Cheong WaDae website said real estate purchases by foreign nationals are disturbing the market due to lack of proper regulation. The petitioner said foreigners should also be subject to the same rules as Koreans.

Rep. Hong said that it could be a serious problem in the future as Chinese people are allowed to own real estate in Korea with no restrictions while Korean nationals cannot own land in China.

Questions:
1. Depict the concerns of some Koreans who are suffering from soaring housing prices.
2. According to data from the Ministry of Land, Infrastructure and Transport, how many real estates are foreigners owned as of 2020? How high has it gone since 2011?
3. What are Chinese specially purchasing? Name some of the places where Chinese people buy properties. How many properties are Chinese-owned?
4. Based on some users of an online communities for sharing housing market information, how does it affect the housing price in the country.

5. Give your in sight about the issue. What are your concerns regarding it? What is the government doing to lessen the housing price in the country? 
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