The purpose of this Act is to prevent speculation in land and promote the effective utilization of land by restitution development gains accruing from land and duly distributing them, thereby contributing to the sound development of the national economy. For the purpose of the present Act “development gains" means increases in land prices that are reverted to the landowner or a person executing the development projects in excess of increases in normal land prices, due to the execution of development projects, changes to a land-use plan, or other social or economic factors. The text consists of 29 articles.
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An independent kingdom for much of its long history, Korea was occupied by Japan beginning in 1905 following the Russo-Japanese War. In 1910, Tokyo formally annexed the entire Peninsula. Korea regained its independence following Japan's surrender to the US in 1945. After World War II, a democratic-based government (Republic of Korea, ROK) was set up in the southern half of the Korean Peninsula while a communist-style government was installed in the north (Democratic People's Republic of Korea, DPRK).
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