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No permission, no land

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South Korea’s Ministry of Construction and Transportation announced Friday new legislation designed to curb land speculation. For the next 5 years, starting on November 10, local governmental permission will be required in trades involving 6.6 billion square meters of land in the metropolitan area. The necessity of gaining permission from local officials varies with the type and size of the land: specifically, over 180 square meters of land in a residential area, 200 in a commercial area, and 1,000 in a farming area.

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