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๐Ÿ‡ฐ๐Ÿ‡ท South Korea /Economy & Trade

President Lee: Real estate 'unearned income' harms public unity; vows to speed up supply expansion

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • President Lee Jae-myung stated that illicit real estate "unearned income" undermines public unity and fairness.
  • He announced plans to accelerate housing supply expansion and reform the tax system to address the issue.
  • The president also called for swift measures to address instability in the stock market, particularly concerning leveraged products.

President Lee Jae-myung declared that real estate "unearned income" obtained through illegal or fraudulent means is the primary culprit in destroying fairness and common sense in society, while also hindering national unity. He emphasized the need to normalize the real estate market to enable productive reinvestment of resources, restore social dynamism, and resolve conflicts arising from polarization.

Illicit and ํŽธ๋ฒ• (circumvention of law) real estate 'unearned income' is the biggest culprit destroying fairness and common sense in our society and hindering public unity.

โ€” President Lee Jae-myungDescribing the negative impact of speculative real estate gains.

"The government will swiftly prepare supply measures and meticulously craft demand-side policies that align with reality," Lee stated during a State Council meeting at the Blue House. He added, "To escape the nation-ruining real estate republic and move towards stable housing for our citizens and productive economic development, we will humbly listen to the voices of our people and create feasible solutions."

Lee is scheduled to attend a "Real Estate Policy National Forum" on July 23. He also addressed concerns regarding leveraged products tied to single stocks like Samsung Electronics and SK Hynix, which have been criticized for fueling stock market instability. While acknowledging the policy's aim to stabilize the exchange rate by channeling foreign investment into the domestic stock market, he stressed that "the public should not have to consider such factors."

The government will swiftly prepare supply measures and meticulously craft demand-side policies that align with reality.

โ€” President Lee Jae-myungOutlining the administration's approach to the real estate market.

"From the perspective of stock market participants, the policy inefficiencies or problems are far greater," Lee asserted, demanding swift and thorough supplementary measures. He reiterated his directive for prompt action on these measures, even as the Financial Services Commission had already increased the basic deposit requirement for such products from 10 million to 30 million won on July 16, two days after his initial instruction.

From the perspective of stock market participants, the policy inefficiencies or problems are far greater.

โ€” President Lee Jae-myungAddressing criticisms of leveraged stock market products.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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