Hong Nam-ki: "Prepare Advanced Household Debt Management Plan for Q1 Next Year... Will Manage Household Liquidity" (Update)
Chairing the 12th Real Estate Market Inspection Meeting of Relevant Ministers on the 22nd
Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks while presiding over the "12th Real Estate Market Inspection Meeting of Related Ministers" held on the 22nd at the Government Seoul Office in Gwanghwamun, Seoul.
View original image[Sejong=Asia Economy Reporter Kim Hyunjung] Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki announced on the 22nd that he will prepare an advanced household debt management plan in the first quarter of next year to manage household liquidity.
Deputy Prime Minister Hong said at the 12th Real Estate Market Inspection Meeting held at the Government Seoul Office that "a plan to induce credit screening based on repayment ability will be prepared in the first quarter of next year." He added, "Since the lease reporting system and the short-term holding and multiple homeowners' capital gains tax surcharge are scheduled to be implemented in June 2021, we will make thorough preparations to ensure these systems land smoothly in the market." He also explained, "To strengthen the management of high-value and high-income credit loans, we will continuously monitor to ensure that the measures already announced are implemented without any setbacks on the ground."
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Deputy Prime Minister Hong also bowed his head regarding the market's unstable response during the government's real estate policy implementation process. He stated, "Under the firm policy direction of 'suppressing speculative demand and protecting actual demand' this year, we have actively promoted supply measures and residential stability measures, but it is regrettable and apologetic that market stability has not yet been established during the process of new systems settling in." He added, "Next year is an important period when the policies promoted this year will be fully implemented," and said, "The government will do its utmost to ensure early results in stabilizing the real estate market through monitoring market conditions, steady implementation of previously announced supply measures, continuous demand management, and blocking disruptive activities."
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