South Korea's ruling bloc said on Friday that it will consider a mandatory registration of property assets for all public officials.

The government and the ruling Democratic Party(DP) announced a set of measures to eradicate real estate speculation amid public outcry over alleged land speculation by employees of the state-run Korean Land and Housing Corporation, or LH. 

DP Floor Leader Kim Tae-nyeon said that the ruling bloc will consider requiring LH officials dealing with real estate affairs to register their property assets and then applying the requirement to all public officials later. 

He said that the party will also actively consider introducing a system that requires public officials to report in advance before making property transactions. 

The DP floor leader added that the party will push for legislation to confiscate three to five times the amount of illegal profits, while seeking legislation to prevent speculation on farmland and enhancing punishment on illegal acts after the purchase of farmland.