Journalist

Lee Hugh
  • National Assembly Speaker Woo asks People Power Party leader Jang to back constitutional amendment vote
    National Assembly Speaker Woo asks People Power Party leader Jang to back constitutional amendment vote National Assembly Speaker Woo Won-shik on May 6 again asked People Power Party leader Jang Dong-hyeok to cooperate on a floor vote on a constitutional amendment bill, a day before it is to be brought to the plenary session. Jang reaffirmed his opposition, saying it is not appropriate to discuss constitutional revision while the ruling party is pursuing what he called an unconstitutional special counsel probe. Woo visited the People Power Party leader’s office at the National Assembly and met with Jang. After the meeting, Woo told reporters he had asked for cooperation ahead of the May 7 vote on the amendment. Jang was reported to have reiterated that his party’s position is to oppose the amendment bill. He also cited the Democratic Party’s April 30 introduction of a special counsel bill titled the “special counsel bill to uncover the truth behind allegations of manipulated investigations and indictments by the Yoon Suk Yeol administration,” and voiced strong opposition to moving ahead with constitutional revision. Speaking to reporters, Jang criticized what he described as unconstitutional moves, including increasing the number of Supreme Court justices, adopting a four-tier court system and a “special counsel to cancel indictments.” “It is contradictory and unacceptable to even talk about constitutional revision while engaging in such unconstitutional behavior,” he said. “More important than constitutional revision is an attitude of respecting the current Constitution.” Lawmakers from six parties excluding the People Power Party — the Democratic Party, the Rebuilding Korea Party, the Progressive Party, the New Reform Party, the Social Democratic Party and the Basic Income Party — along with independents, totaling 187 lawmakers, introduced the constitutional amendment bill on April 3. The bill would add the spirit of the Bu-Ma Democratic Protests and the May 18 Democratization Movement to the Constitution’s preamble and strengthen National Assembly control over a president’s declaration of martial law. The People Power Party has opposed the bill, calling instead for a special committee on constitutional revision to be formed after the June 3 local elections to discuss the issue comprehensively. Woo and the six parties backing the bill favor a “step-by-step” approach, revising provisions that draw no disagreement first. Woo and the Democratic Party plan to submit the amendment bill to the plenary session on May 7, aiming to hold a national referendum on the amendment at the same time as the June 3 local elections. With the People Power Party opposing the bill as a party line, however, passage remains uncertain. Approval requires support from at least two-thirds of all lawmakers. The National Assembly currently has 286 members, meaning 191 votes are needed. Assuming independent lawmaker Kang Sun-woo, who is in detention, cannot vote, at least 12 People Power Party lawmakers would need to support the bill.* This article has been translated by AI. 2026-05-06 15:55:43
  • Yongin’s Suji District Home Prices Rise 2.7 Times Faster Than Seoul, Data Show
    Yongin’s Suji District Home Prices Rise 2.7 Times Faster Than Seoul, Data Show Seoul apartment prices are still rising but have cooled somewhat, while prices in some key residential areas of Gyeonggi Province are climbing faster. As housing costs in Seoul remain high, end-users are shifting demand to major Gyeonggi markets rather than to the far outskirts of the capital region, adding upward pressure on prices. According to the Korea Real Estate Board’s weekly apartment price trends released Tuesday, apartment sale prices in Suji District of Yongin were up 7.24% year to date, about 2.7 times Seoul’s average increase of 2.65%. The industry attributed Suji’s jump largely to a shortage of listings, especially around station areas with large complexes and relatively new buildings, as demand pushed out of Seoul added to competition. While Gyeonggi’s average gain remains below Seoul’s, buying has concentrated in areas like Suji that combine transportation, schools and daily-life infrastructure. Demand has been boosted by Suji’s access to Seoul’s Gangnam area via the Shinbundang Line, along with preferences for strong school districts, settled living conditions and newer or near-new apartment complexes. With prices in Seoul’s prime neighborhoods staying high, buyers seeking more space or newer housing within the same budget have been moving into southern Gyeonggi. Suji is also favored by commuters because of its relatively convenient access to Gangnam. The Shinbundang Line has reinforced that demand. Residential preference is strong along stations including Dongcheon, Suji-gu Office, Seongbok and Sanghyeon, with comparatively short travel times to Gangnam and proximity to the Pangyo, Bundang and Gwanggyo areas. The Korea Real Estate Board said in its fourth-week-of-April report that Suji rose mainly on gains in major complexes in Seongbok and Sinbong. Schools and local amenities have also supported demand. The Seongbok, Sinbong and Sanghyeon areas are seen as having solid education demand and good access to large retail facilities, green space and everyday conveniences. Analysts said that helped keep would-be buyers on the sidelines during the market’s adjustment period, and that prices then rose quickly as the market recovered. Elsewhere, Suwon’s Yeongtong District rose 3.67%, also outpacing Seoul’s average. Hwaseong’s Dongtan District was up a cumulative 2.88% after an administrative boundary change in February. The Korea Real Estate Board said Yeongtong rose mainly in relatively new complexes in Mangpo and Woncheon. Gyeonggi’s strength is also reflected in population movement. In the first quarter, 83,984 people moved from Seoul to Gyeonggi, up about 31% from the previous quarter. It was the highest level since 85,481 in the fourth quarter of 2021. The shift is being read as Seoul residents moving out as housing costs and purchasing limits weigh on buyers. The market view is that as Seoul’s price burden grows, end-user demand is spreading into southern Gyeonggi areas with strong transportation links and living infrastructure. Suji, Yeongtong and Dongtan are often cited as places where access to Seoul and job-housing proximity both support demand. Analysts said that with Seoul’s key districts already at high price levels, buyers are looking to Gyeonggi for larger homes or newer and near-new complexes within the same budget. Still, not all of Gyeonggi is rising. Over the same period, Gyeonggi’s average increase was 1.54%, below Seoul’s 2.65%. Some areas, including Icheon and Yeoju, posted weekly declines. That suggests the rise is less a broad-based rebound than localized gains in a handful of in-demand districts. Even if Seoul’s pace continues to slow, upward pressure in Gyeonggi’s core markets is expected to persist for now. A real estate industry official said buying demand is flowing into areas with good access to Seoul and solid living conditions, but added that places with sharp short-term gains could see widening differences by district as loan burdens grow and buyers turn cautious.* This article has been translated by AI. 2026-05-06 15:50:14
  • South Korea Inflation Hits 19-Month High as Growth Picks Up, Raising Rate-Hike Talk
    South Korea Inflation Hits 19-Month High as Growth Picks Up, Raising Rate-Hike Talk Rising consumer prices and stronger-than-expected growth are fueling debate over whether the Bank of Korea may shift toward tighter monetary policy. While a hold in the benchmark rate is widely expected this month, markets are increasingly focused on when a hike could come. According to the National Data Agency on the 6th, consumer prices in April rose 2.6% from a year earlier, the highest increase since July 2024, when inflation was also 2.6%. The central bank expects upward pressure on prices to persist for now. At a price review meeting that day, Senior Deputy Gov. Yoo Sang-dae said May inflation is likely to accelerate as oil prices remain elevated and base effects from agricultural, livestock and fisheries products add to the increase. Against that backdrop, the Monetary Policy Board is seen as likely to keep the benchmark rate unchanged at its meeting on the 28th. The Bank of Korea has held the rate at 2.50% after cutting it four times from October 2024 through May last year. Still, a revision to the inflation path appears unavoidable. The bank has projected inflation of 2.2% this year and 2.0% next year, but those forecasts were issued in February, before the Middle East war. With oil prices rising, the inflation outlook in this month’s economic projections is likely to be revised higher. Minutes from last month’s policy meeting show differing views inside the board. Some members said it would be desirable to maintain a wait-and-see stance for the time being. Yoo, speaking recently at a news briefing during the Asian Development Bank’s annual meeting, said it was time to consider raising rates. Growth data are also adding to pressure for a shift. The preliminary estimate for first-quarter real gross domestic product showed 1.7% growth from the previous quarter, far above the Bank of Korea’s forecast of 0.9%, prompting assessments that the case for maintaining an accommodative stance has weakened. Global investment banks have also raised their growth forecasts. JPMorgan (3.0%), Citi (2.9%) and BNP Paribas (2.7%) project growth up to 1.0 percentage point above the Bank of Korea’s 2.0% outlook. External conditions remain challenging. The U.S. Federal Reserve, at last month’s Federal Open Market Committee meeting, upgraded its assessment of inflation to “high” and stressed increased uncertainty. This month’s meeting is also drawing attention as the first under Gov. Shin Hyun-song, who is viewed as a “pragmatic hawk,” raising market interest in whether any signal of a policy shift will emerge. Some in the market are placing more weight on the possibility of a rate hike as early as the third quarter. Cho Yong-gu, a researcher at Shinyoung Securities, said inflation could rise to around 3% from May through August due to the fallout from the Middle East war, and forecast a 25-basis-point hike in August. He added that any additional increases would likely come in the first half of next year, and that the Bank of Korea could opt for a stance of strategic patience.* This article has been translated by AI. 2026-05-06 15:49:12
  • Why More Vietnamese Students Are Being Denied South Korea Study Visas
    Why More Vietnamese Students Are Being Denied South Korea Study Visas Interest among Vietnamese students in studying in South Korea is rising, but tougher visa reviews are also increasing the number of applicants who fail financial screening, Vietnamese media reported. The trend is fueling calls for clearer, more accurate guidance on study requirements. Citing multiple Vietnamese outlets including VnExpress, reports on May 5 (local time) said statistics released in March by the Korea Immigration Service under the Ministry of Justice showed the number of international students in South Korea had topped 310,000. Vietnamese students ranked first at about 110,000. As the student population grows, the share of rejected study-visa applications is also rising. Reports said rejections are especially common when applicants fail to meet requirements for proof of funds or submit study plans that do not satisfy screening standards. The South Korean Embassy in Vietnam announced March 20 that it would strengthen financial reviews for study-visa applications, a step aimed at preventing illegal stays. Experts said applicants can be flagged as high risk even if other conditions are met when bank accounts are opened late, account balances do not match actual income, or the source of funds is unclear. They also cited factors that can weaken an application, including long gaps in schooling, an unexplained low GPA, weak interview answers, and limited understanding of the school being applied to. Ha Thi Phuong, head of CMTC Vietnam, a consulting firm that provides financial-document services for Vietnamese students, said more than half of her clients run into problems because bank accounts are set up incorrectly, creating inconsistencies across documents. “Many applicants go back and forth between banks, notary offices and study-abroad agencies several times, but still end up unable to complete the paperwork properly,” she said. She added that visa officers focus less on the balance itself than on how the money was accumulated. “They place more weight on how long the funds have been deposited and on the family’s actual household income and overall financial situation,” she said. Whether the account is in the student’s name or a parent’s name can also matter. For applicants under 18, using a parent’s account is often legally advantageous, while some adult students choose accounts in their own names. Timing can be critical as well, because some schools or consulates accept only balance certificates issued close to the submission deadline. Reports warned that even a small error can quickly lead to a denial or a delayed review. Need grows for accurate study-abroad information↑ Against that backdrop, interest is increasing in reliable information about studying in South Korea. From April 20 to 26, YT Korea, a study-abroad consulting organization, held the “1st Korea Education Seminar 2026” in major Vietnamese cities including Hanoi, Nghe An, Ho Chi Minh City and Da Lat, drawing attention, reports said. Representatives from Silla University, Busan University of Foreign Studies, Kyungnam College of Information & Technology, Busan Catholic University and Ulsan College attended in person. Students asked questions on the spot about admissions requirements, scholarships, and education and living conditions in South Korea. An organizer at the Nghe An event said interest was particularly strong in the possibility of obtaining an E-7 visa and permanent residency after graduating in technology and engineering fields. Organizers said the event aimed to move students and parents beyond choosing schools based on trends and toward planning for careers and permanent residency. Bui Thi Tam, a representative of the organizer, said, “In each region, our goal was not simply to pick a school, but to draw a future roadmap together for each student.” She added, “YT Korea promises to stay with students from the moment they begin learning Korean in Vietnam until they settle in Korea and find formal employment.” Reports said one-on-one consultations continued throughout the event, and the final stop in Da Lat drew hundreds of application registrations. With study-visa screening becoming more stringent, experts advised students to begin financial preparations at least six months to a year in advance and to ensure consistency across documents, saying it is the fastest way to save both time and money.* This article has been translated by AI. 2026-05-06 15:42:18
  • MachinaRocks Lays Out KOSDAQ IPO Plan, Pitches On-Site AI Operating System
    MachinaRocks Lays Out KOSDAQ IPO Plan, Pitches On-Site AI Operating System MachinaRocks, which is set to list on the KOSDAQ on the 20th, outlined a growth strategy centered on what it calls “on-site AI” at an IPO news conference. The company said it aims to expand its market with an AI operating system designed to run in industrial settings such as manufacturing and defense. CEO Yoon Sung-ho said the company’s core product, the AI operating system “Runway,” will serve as a platform to integrate and manage how companies use foundation models in their own environments. “As the AI market changes rapidly, companies want to use foundation models in ways that fit their own settings,” Yoon said at the event held Tuesday at 63 Square in Seoul. “Runway will take on the role of a platform that can integrate and manage that.” Yoon said a key differentiator is that the operating system can run on closed networks as AI moves beyond computers and into real-world industrial sites. He also drew a line between MachinaRocks and global big tech firms such as Nvidia, Microsoft and OpenAI, emphasizing a focus on field operations. “Global big tech companies are also entering physical AI, but for now they are focused on cloud-based decision support or the research stage,” Yoon said. “MachinaRocks is focused on operating in real time at sites such as factories or battlefields on closed networks where connectivity is cut off.” He said the company’s competitiveness is backed by more than 6,000 references built while meeting high security requirements in manufacturing and defense. MachinaRocks also detailed its overseas strategy, naming Japan as its top priority. The company said it signed contracts with four “1 trillion won club” companies within a year of establishing its Japan unit. “Japan, with a similar manufacturing structure and a large market, is the region where we can deliver results the fastest,” Yoon said. He said the company will focus on Japan and Europe for the time being and raise the share of global sales to about 20% to 30% by 2030. He said North America will be pursued after strengthening fundamentals, while the Middle East will be explored through participation in national strategic projects. The company said proceeds from the IPO will be concentrated on upgrading Runway. It plans to develop a “Dark Factory OS” for autonomous manufacturing and a defense-focused “Defense OS” to strengthen competitiveness and speed global expansion. To companies hesitant to adopt AI, Yoon pointed to references and measurable results. “Customers in manufacturing and defense place the greatest importance on cases where real economic effects have been proven,” he said. “MachinaRocks is competitive in that we can present verified results in numbers, such as cost reductions or productivity gains.” MachinaRocks set an IPO price band of 12,500 won to 15,000 won and plans to take retail subscriptions May 11-12 before listing on the KOSDAQ on the 20th.* This article has been translated by AI. 2026-05-06 15:40:18
  • Democratic Party Reelects Han Byung-do as Floor Leader, a First for the Party
    Democratic Party Reelects Han Byung-do as Floor Leader, a First for the Party Democratic Party lawmaker Han Byung-do, who ran unopposed, was elected floor leader on May 6. He is the first floor leader in the party to win a second consecutive term. The party held a lawmakers’ meeting at the National Assembly and conducted a confidence vote on Han. He won a majority under the party’s rules, which combine 80% of lawmakers’ votes and 20% of votes from dues-paying party members. The exact vote totals were not released under election regulations. Party leader Jung Cheong-rae called it a “clean election” without negative campaigning and described Han as “a leader with a gentle temperament, flexible leadership and strong attention to detail.” Election committee chair So Byeong-hoon said the party debated how to handle an uncontested race but decided to hold a vote because party members participate in the process. Ahead of the vote, Han said “this is the golden time,” pledging to “maximize the governing momentum of the Lee Jae-myung government” with bold leadership and to be a floor leader who shares lawmakers’ legislative work and concerns. In his acceptance speech, he said he would finish all legislation tied to the government’s policy agenda by the end of the year. Han began his duties immediately. With a National Assembly plenary vote on a constitutional amendment bill scheduled for May 7, he is expected to take a leading role. With National Assembly Speaker Woo Won-shik holding a surprise meeting ahead of the lawmakers’ session with Jang Dong-hyuk of the People Power Party, there is also talk that Han and PPP floor leader Song Eon-seok could coordinate positions before the plenary session. Han is also expected to negotiate the content and timing of a controversial special counsel bill on alleged fabricated prosecutions. President Lee Jae-myung said on May 4 that the bill requires public input and deliberation. With disagreements emerging within the party over timing, Han said immediately after his election that it would be handled after the local elections. Another major task is whether to allow prosecutors to retain supplementary investigative powers, a key flashpoint in prosecutorial reform. The party previously passed bills to create a Major Crimes Investigation Agency and a Prosecution Service, but delayed further action after internal conflict over supplementary investigative authority. Lee has said prosecutors need such powers in exceptional cases, while hard-liners in the party argue they should not be allowed at all. Han also holds authority over the makeup of standing committees for the second half of the term. He has warned that if committees chaired by People Power Party lawmakers fail to function and obstruct state affairs, the Democratic Party could consider taking all chair posts. Han was elected in a January by-election and led the parliamentary caucus for 101 days before resigning on April 21 to run again. He has been credited with stabilizing the caucus after former floor leader Kim Byung-ki resigned abruptly amid various allegations. * This article has been translated by AI. 2026-05-06 15:39:14
  • Taihan targets North American grid investment with HVDC and subsea cables
    Taihan targets North American grid investment with HVDC and subsea cables Taihan Electric Wire said it is stepping up its push into the North American power-infrastructure market, highlighting high-voltage direct current (HVDC) and subsea cable technologies. The company said Tuesday it is taking part in the 2026 IEEE PES T&D exhibition in Chicago from May 4 to 7. The event is the largest U.S. gathering in the transmission and distribution sector, bringing together power-equipment makers, utilities and related organizations. Taihan said it is featuring HVDC cables, subsea cables and technologies for replacing aging power grids, focusing on areas where it sees strong project potential as electricity demand rises, renewable energy expands and existing grids age across North America. HVDC was the main focus. Citing its experience supplying 320kV-class HVDC cables in the United States, Taihan introduced solutions for 525kV-class underground and subsea HVDC cables. It also put forward a 525kV-class HVDC subsea cable that it said could be applied to South Korea’s “West Coast Energy Highway” project, underscoring its ability to serve long-distance, large-capacity transmission needs. The company also outlined plans to expand its subsea cable business. Taihan shared its domestic and overseas order track record and provided an update on construction of its second subsea cable plant in Dangjin, which it is pursuing with a target completion in 2027. It also introduced the “Palos” cable-laying vessel dedicated to offshore wind projects and its subsea cable installation subsidiary, Daehan Ocean Works, emphasizing end-to-end capabilities from manufacturing to installation. Solutions for replacing aging grids were also highlighted. Taihan said the technology can increase transmission capacity while using existing conduits, making it suitable for the U.S. market, where demand for grid reinforcement is high. The industry expects demand for related equipment to rise quickly as AI data centers expand and electrification increases pressure to add grid capacity in the United States. Industry observers also say regional transmission bottlenecks are worsening as AI data centers concentrate in areas including Virginia and Texas, potentially accelerating demand for extra-high-voltage cables and substation equipment replacements. For Taihan, securing U.S. references could serve not only to win orders but also as a prequalification factor for future utility tenders, the company said. Song Jong-min, Taihan’s vice chairman, visited the exhibition and met with major North American utilities and business partners. The company said Song reviewed ongoing business with local subsidiary staff and discussed ways to expand cooperation. “North America is seeing rapid market growth as grid investment expands and renewable energy spreads at the same time,” Song said. “Based on the experience and references we have built in the United States, we will continue to expand results in key areas such as HVDC, subsea cables and solutions for aging power grids.”* This article has been translated by AI. 2026-05-06 15:34:09
  • South Korea launches joint task force to support victims of digital sex crimes
    South Korea launches joint task force to support victims of digital sex crimes The Ministry of Gender Equality and Family, the Korea Communications Commission and the National Police Agency have launched a joint government task force to strengthen a unified response to digital sex crimes. The ministry said it held a plaque-hanging ceremony on May 6 at the Government Complex Seoul, attended by Gender Equality and Family Minister Won Min-kyung, Korea Communications Commission Chairman Kim Jong-cheol, acting National Police Agency Commissioner Yoo Jae-sung and Jeong Jeong-ok, senior presidential secretary for gender equality and family. The task force will be led by the ministry’s director general for safety and human rights policy, serving concurrently as chief. It will include one deputy chief (a ministry director-level official) and seven members, for a total of eight. The Central Digital Sex Crime Victim Support Center will cooperate by conducting initial analysis of platforms where collected illegal filming materials are distributed. Authorities have faced limits in responding quickly because even clearly illegal filming materials generally required review procedures before access could be blocked. Officials have also pointed to persistent harm from overseas server-based illegal sites, where administrative sanctions are difficult and operators refuse to delete content or repost it repeatedly. According to the “2025 Digital Sex Crime Victim Support Report” published by the ministry and the Korea Women’s Human Rights Institute, 10,637 victims received support last year, up 3.2% from 10,305 the year before. New victims fell 10.3%, while the number of victims receiving continued support rose 26.3%. To build a victim-centered, cross-government response, the government decided to establish the task force within the ministry under a directive issued by the prime minister. The task force plans to conduct in-depth analysis of distribution routes for illegal filming materials, as well as the operating methods and revenue structures of sites where content is repeatedly reposted. Based on that work, it will coordinate with relevant agencies on requests for investigations, fines, rapid blocking and international cooperation. For cases involving clearly illegal filming materials, it will seek swift access blocks through telecommunications operators. It will also directly handle urgent or serious cases — including mass victimization — that frontline support agencies have difficulty managing. The government also plans to work with information and communications service providers to prevent further spread, encourage reporting by the public and businesses, and pursue legal and institutional improvements to cut off criminal proceeds. Won said more fundamental measures are needed to stop the “endless copying and spread” of sexual exploitation materials that threaten daily life. She said the government will go beyond deletion support by quickly cutting distribution routes and using all available means to hold offenders accountable for repeated distribution and refusal to delete content. Kim said the communications commission will thoroughly inspect and manage compliance with obligations to prevent distribution of illegal filming materials, strengthening accountability for businesses. He said the commission will work closely with the ministry and police to eradicate digital sex crimes. Yoo said digital sex crimes are serious offenses that leave lasting pain, and police will track down perpetrators who hide behind technology and bring them to justice. He said the task force will help combine advanced investigative techniques with the blocking capabilities of related agencies to uproot the “distribution-circulation-consumption” crime ecosystem under a zero-tolerance approach.* This article has been translated by AI. 2026-05-06 15:30:18
  • Korea Football Association to Appeal Ruling Upholding Ministry’s Call to Discipline Chung Mong-gyu
    Korea Football Association to Appeal Ruling Upholding Ministry’s Call to Discipline Chung Mong-gyu The Korea Football Association has decided to appeal a court ruling that found the Ministry of Culture, Sports and Tourism’s request to discipline KFA President Chung Mong-gyu was lawful. The KFA said it made the decision at its fourth board meeting of 2026, held Tuesday at the association’s headquarters in Seoul’s Jongno district, and will file an appeal of the first-instance administrative ruling tied to the ministry’s special audit. On April 23, the Seoul Administrative Court’s Administrative Division 5, led by Presiding Judge Lee Jeong-won, ruled against the KFA in its lawsuit seeking to overturn the ministry’s notice of audit findings and its demand for corrective measures. The court said the ministry’s findings were supported, including violations in the process of appointing a national team head coach, improper management of subsidies for the national football center construction project, and the handling of what the ministry described as unjustified pardons for soccer figures. “While some of the pointed-out matters were improper, that alone did not make the (ministry’s) demand for measures unfair or unlawful,” the court said, adding that the level of disciplinary request fell “within the scope of discretionary authority.” The court also said that under the Public Audit Act, the association is not obligated to comply unconditionally with the ministry’s demands, and that even if it does not comply, the ministry can only conduct another audit and has no direct means to impose discipline or force implementation. The KFA board said it still needs an appellate court’s judgment on both fact-finding and legal interpretation. Chung did not take part in the discussion because he is an interested party. Lee Yong-soo, a KFA vice president who led the meeting in Chung’s place, said, “Despite the decision to appeal, we take the court’s first ruling seriously and feel a deep sense of responsibility to meet the stern demands of soccer fans.” He added that the appeal was not intended to use the World Cup as a shield or to delay matters, but was a difficult decision aimed at seeking further review within legal procedures. The KFA said it will continue work to strengthen administrative transparency and pursue internal reforms, and will also do its best to support the World Cup with about a month remaining.* This article has been translated by AI. 2026-05-06 15:28:14
  • Seoul mayoral candidate Oh Se-hoon vows 130,000 public homes by 2031, expands long-term lease housing
    Seoul mayoral candidate Oh Se-hoon vows 130,000 public homes by 2031, expands long-term lease housing Oh Se-hoon, the People Power Party’s candidate for Seoul mayor, said he would supply about 130,000 public housing units by 2031 and expand long-term lease housing designed to reduce fears of jeonse fraud. Oh announced the pledge Tuesday as part of what his campaign called a comprehensive plan to strengthen a “housing mobility safety net.” The plan focuses on three pillars — expanding housing supply, boosting financial support and lowering housing costs — to stabilize housing for residents without homes, his camp said. It is aimed at countering rising jeonse prices and a shrinking number of listings through more supply and financing support. Under the slogan “the answer to the housing problem is overwhelming supply,” Oh said he would provide 123,000 public rental units and 6,500 public for-sale units by 2031. For the public for-sale portion, he pledged to introduce a “Baro Nae Jip” model that includes land-lease apartments priced at about half of nearby market levels and installment-plan apartments requiring a 20% upfront payment, to lower barriers to homeownership. He also said long-term lease housing would expand to 106,000 units by 2031 from 37,000 now. Oh also pledged to restore what he called Seoul residents’ “sovereignty” over housing funds. His campaign said Seoul residents have contributed about 25 trillion won to the national Housing and Urban Fund through subscription savings, but only about 10 trillion won has been invested in housing projects in Seoul. Oh said he would seek to expand the fund and strengthen support for private-sector housing supply, including land purchases and construction costs. “Seoul has been building a housing promotion fund for the past year and now holds about 5 trillion won,” Oh said. “If I become mayor, I will press the government more strongly to increase it to 10 trillion won.” The plan also calls for life-stage housing cost support. Oh said the city would raise the ceiling for interest-free deposit loans under the Long-term Relief Housing program to up to 70 million won, and subsidize loan interest for newlywed couples living in public rental housing for up to 12 years. He pledged to extend youth rent support to 12 months from 10 and broaden eligibility to include single-parent families and victims of jeonse fraud. For middle-aged residents without homes, he proposed a new “matching savings account” program that would combine rent support with city-backed savings to help participants build a 10 million won nest egg. Oh also pledged a three-step protection system to prevent jeonse fraud. It would include a pre-contract risk screening service, an “safety manager” with a licensed real estate agent credential to accompany tenants when signing contracts, and post-contract support such as subsidies for jeonse deposit return guarantee insurance. For vulnerable groups including young people, he said the city would guarantee 100% coverage through deposit return guarantees. Oh on Tuesday also formally launched the “Real Estate Hell” civic task force. “I will go deeper into the field and step up efforts to deliver, in citizens’ own voices, the hardships faced by residents without homes, including turmoil in the monthly and jeonse rental markets,” he said. 2026-05-06 15:23:42