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President Lee vows to end South Korea's 'speculative gains republic'

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

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- South Korean President Lee Jae-myung vowed to eliminate the nation's

South Korean President Lee Jae-myung has renewed his commitment to tackling the country's pervasive real estate speculation, vowing to dismantle the "unhealthy republic of speculative gains." The president's strong statement on social media on Friday marked his first public comment on the issue in 11 days, signaling a firm stance as real estate becomes a key battleground in the upcoming June 3 local elections.

We will definitely escape the unhealthy republic of speculative gains.

— President Lee Jae-myungOn social media, vowing to tackle real estate speculation.

Lee shared a news report detailing how 80% of real estate tax evasion tips received by the National Tax Service were concentrated in the Seoul metropolitan area. The National Tax Service offers rewards of up to 4 billion won for information leading to the recovery of over 50 million won in taxes. The president's renewed focus on real estate comes amid criticism from opposition parties who have highlighted the issue as a major concern for voters.

Real estate illegal speculation and tax evasion, no more.

— President Lee Jae-myungOn social media, sharing a report on tax evasion tips.

A presidential office official stated that Lee's message reiterated the administration's strong will to normalize the real estate market. This move is seen as an effort to counter the opposition's narrative and reassure the public about the government's commitment to addressing housing affordability and market stability.

The normalization of the real estate market is a strong will.

— Presidential office officialExplaining the president's renewed focus on real estate.

In a separate statement, Lee also addressed concerns about the stock market, questioning why the Korea Composite Stock Price Index (KOSPI) would exclude semiconductors, a vital industry. He drew an analogy to soccer, asking if one would assess a player like Son Heung-min without considering his football skills. Lee emphasized that the KOSPI's strength, even without semiconductors, should be highlighted, as the index closed at a record high of 8788.38 on Friday.

Semiconductors are one of the core industries of our country, why should the KOSPI be calculated excluding semiconductors? I don't understand.

— President Lee Jae-myungCommenting on the stock market's performance.
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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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