JEJUDO ISLAND (Yonhap) ― South Korean legislators are pushing to tighten laws on foreign ownership of land on the southern resort island of Jeju as a large influx of Chinese money has created concerns over reckless development and speculative investment, an opposition lawmaker said Monday.

Rep. Kang Chang-il of the main opposition New Politics Alliance for Democracy submitted a bill on behalf of 15 lawmakers to make it mandatory for foreigners to receive approval from the Jeju provincial government when buying and selling land on the island and report their property holdings on an annual basis.

The island, with a population of 600,000, has drawn money from Chinese companies and home buyers looking for places to invest, encouraged by a 2010 visa program that grants permanent residency to investors who purchase property worth $50,000 or more.

Land owned by foreigners on the island soared to 13.7 million square meters as of June, a 45 percent rise from 2011. Ownership share of Chinese nationals jumped from 14.68 percent to 43.1 percent during the period, according to the Jeju provincial government.

“We submitted this bill to complement the current law because it falls short of regulating haphazard land development,” Kang said in a release. “With the rising land acquisition by foreigners, real estate prices on Jeju Island surpass the national average. The government should introduce the legal ground to prevent reckless land purchases and draw up a comprehensive land management plan to help boost the local economy.”

Kang’s remark echoes the local community’s rising concern over foreign fund inflow into the local real estate market, which has pushed up housing prices in the southern Seogwipo region where hotels and resorts are concentrated.

Jeju Gov. Won Hee-ryong in October said he will consider raising the floor price of the property needed to qualify for a permanent resident visa and requiring more stringent review of land development projects.

Nearly half of the ongoing large-scale development projects on Jeju are being pushed by Chinese companies or joint consortiums involving the Chinese.