The Ministry of Land, Infrastructure and Transport said Minister Kim Yun-duk on the morning of the 23rd presented letters of appointment to Lee Heon-uk, president of the Korea Real Estate Board (REB), and Choi In-ho, president of the Korea Housing & Urban Guarantee Corporation (HUG).
The Minister told Lee Heon-uk, the new president of the Korea Real Estate Board (REB), that "expanding the supply of dwellings is a core government task, and the role of the real estate board has become weightier," adding, "please faithfully serve as the priming water to push forward renewal projects with speed."
In particular, the Minister asked the agency to "actively use AI (artificial intelligence) as a specialized institution for real estate market management to eradicate illegal acts such as jeonse fraud, and provide a variety of public-facing services such as providing risk information on jeonse accidents to minimize damage to the public."
The Minister continued, "As a real estate data hub, the real estate board should work with the Ministry of Land, Infrastructure and Transport to actively contribute to securing transparency in the real estate market and supporting stable housing for the public."
The Minister also asked Choi In-ho, the new HUG president, to "demonstrate leadership so the corporation can play an active role, including providing annual 100 trillion won in dwelling supply guarantees, amid a sluggish PF (project financing) market and weakening regional construction conditions."
In addition, the Minister stressed that "as recent management performance evaluations of public institutions resulted in an 'insufficient' rating for three consecutive years and overall poor results, the organization should conduct a thorough diagnosis of its entire structure and management and pursue innovation to shift to customer-centered management."
The Minister also ordered that "to fulfill the core role of a guarantee institution by supplying stable guarantees, designate this year as the first year of restoring financial soundness and make all-out efforts to recover bonds."