Citizens' Coalition for Economic Justice (CCEJ) [Provided by Yonhap News TV]

A civic group has proposed the introduction of a 'real estate blind trust system' for high-ranking public officials who influence real estate policy.

The Citizens' Coalition for Economic Justice (CCEJ) held an "Expert Meeting for the Introduction of a Real Estate Blind Trust System for High-Ranking Public Officials" on the 28th at the CCEJ auditorium in Jongno-gu, Seoul.

The real estate blind trust system is a method where high-ranking public officials entrust their homes to a trustee, who then deposits the market value and pays interest based on the fixed deposit or trust's rate of return.

Public officials whose terms are ending can repurchase the home at its market price upon their retirement.

The explanation is that if real estate prices rise upon the expiration of their term, officials will have to bear the burden of capital gains, allowing for the stable implementation of 'housing price stabilization' policies. They will also have to pay rent if they are residing in the property.

Nam Gi-beop, director of the Land and Liberty Research Institute, who was a panelist, argued, "This will establish a tradition of honest high-ranking public officials formulating fair policies and increase the credibility of real estate policy."

Attendees emphasized that it is common for high-ranking public officials to own ultra-high-priced real estate, and their interests should not affect the overall justice of society.

Bae Moon-ho, CEO of Taein Administrative Office, stated that public officials who handle real estate policy information should be prohibited from acquiring new real estate for investment purposes even after retirement.