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| Chinese buyers have purchased 22.6 million square meters of land on Jeju Island worth about 1.3 trillion won. Their massive buy-up, the most by foreigners, has prompted the island's lawmaker to introduce rules to limit it. / Yonhap |
By Ko Dong-hwan
Southern Korean region authorities are acting to rein in the massive foreigner land buy-up on Jeju Island.
Rep. Kang Chang-il of the main opposition Democratic Party of Korea filed a move on Oct. 21 that amended the Special Act on the Establishment of Jeju Special Self-Governing Province and the Development of a Free International City. It obligates foreigners who want to buy land of a certain size to obtain the Jeju Governor's approval. The act also controls the use of the land.
"More and more foreigners are buying land on the island, which skyrocketed land prices and destroyed the dreams of local citizens wanting to buy their own home," Rep. Kang said, according to the Hankyoreh daily paper. "Foreigners' uncontrolled land buyouts and hazardous land developments have become a serious issue. The amended law is to fix some of the fundamental problems caused by such dealings."
The island implemented a real estate investment immigration system in 2010 and boosted land sales to foreigners. In 2011, foreigner-owned land totaled 9.5 million square meters. Last August, it had increased to 22.6 million square meters ― almost eight times that of Yeouido, Seoul's financial hub and home of the National Assembly ― worth about 1.3 trillion won ($11 billion).
The Chinese have bought the most land, jumping from 1.4 million square meters in 2011 to 9.7 million square meters in August ― over 43 percent of total foreign-owned property.
"I heard a rumor that at this pace, the Chinese will own the entire island," Rep. Kang said.
