Democratic Party "Apologize for Unstable Real Estate Market... Mobilizing All Policy Measures" (Comprehensive)

Lee Hae-chan, leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 1st and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kang Nahum] The Democratic Party of Korea recently apologized for the instability in the real estate market and has set a policy to mobilize all available measures to curb real estate speculation.

Lee Hae-chan, leader of the Democratic Party of Korea, said at the Supreme Council meeting held at the National Assembly on the 3rd, "The recent real estate market is very unstable, and I sincerely apologize to the people."

He added, "Currently, domestic household liquidity exceeds 1,500 trillion won, so investment naturally concentrates on assets such as stocks and real estate," and said, "It is clear that emergency measures such as regional regulations and financial regulations have their limits."

Lee continued, "Housing is a condition for a stable life, so it is essential to strongly regulate speculative benefits and maintain a stable scale for actual demand," and said, "The party will promptly prepare fundamental and systematic measures."

He also said, "As the ruling party and with 14 metropolitan governors belonging to the Democratic Party, we will take the lead," adding, "We will comprehensively review housing supply, rental business policies, and the recovery of speculative income, and establish fundamental policies to resolve home ownership and housing insecurity."

Kim Tae-nyeon, floor leader, also diagnosed on the same day, "There are abnormal overheating signs in the recent real estate market," and said, "Despite the real economy's negative growth, the overheating of the real estate market is a very worrisome abnormal economic phenomenon that distorts the livelihood economy."

Kim emphasized, "The Democratic Party and the Moon Jae-in administration's housing policy principles are firm. We will strongly protect actual demand while strictly regulating speculative demand," and said, "We will mobilize all policy measures until the speculative fire is completely extinguished."

He added, "To overcome the blind faith in 'real estate invincibility' and achieve market stabilization, we must return the market from speculators to actual demanders through strong regulatory policies," and said, "We request the government to implement bold supply measures targeting actual demanders along with strong anti-speculation measures."

Regarding the controversy over multiple home ownership by high-ranking public officials, Kim called for "showing self-initiative as it undermines the government's will."

This content was produced with the assistance of AI translation services.