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Korean Party Holds Runoff Vote for Next Floor Leader The People Power Party's election for its next floor leader took place on June 10, with four-term lawmaker Kim Do-eup and three-term lawmaker Jeong Jeom-sik advancing to the runoff. Seong Il-jong, who finished third, was eliminated.The party held a general meeting at the National Assembly to conduct the election, which featured a three-way contest among Kim Do-eup, Jeong Jeom-sik, and Seong Il-jong.An initial vote was held, but no candidate received a majority of the votes, prompting an immediate transition to a runoff vote. The next floor leader is expected to be elected in this runoff.* This article has been translated by AI. 2026-06-10 12:03:00 -
Special Prosecutor Summons Shin Won-sik Over Martial Law Justification Messages The second comprehensive special prosecutor's team, led by Special Prosecutor Kwon Chang-young, has summoned Shin Won-sik, the former head of the National Security Office, as a suspect in an investigation into allegations of insurrection related to the emergency martial law declared on December 3. The special prosecutor's office is investigating whether former President Yoon Suk Yeol directed Shin to communicate messages justifying the martial law to allied countries, including the United States. Shin is being questioned as a suspect in connection with important duties during insurrection as of 10 a.m. on June 10. Arriving at the special prosecutor's office in Gwacheon at approximately 9:46 a.m., Shin did not respond to reporters' questions about whether he acknowledged transmitting messages justifying the martial law to allied countries, whether he received instructions from former President Yoon, or whether he delivered documents supporting the martial law to the National Intelligence Service. The special prosecutor's office suspects that immediately after the declaration of martial law, former President Yoon instructed Shin and Kim Tae-hyo, the former first deputy director of the National Security Office, to convey messages explaining the legitimacy of the martial law to allied nations. The investigation suggests that Shin and Kim were involved in disseminating the relevant messages through officials from the National Security Office and the Ministry of Foreign Affairs. The messages reportedly included statements such as, "This action is to protect liberal democracy," "It is a response to the paralysis of the executive branch due to impeachment proceedings and budget cuts by the National Assembly," and "Former President Yoon maintains a stance against pro-North Korean leftists and anti-Americanism." The special prosecutor's office is also looking into the possibility that these messages were communicated to Donald Trump, who was then the President-elect of the United States. However, this has not been publicly confirmed, and the investigation is still ongoing. The investigation is expanding beyond the National Security Office to include the National Intelligence Service. The special prosecutor's office believes that the National Security Office requested the National Intelligence Service to explain the background of the martial law by delivering documents to allied countries on December 4, 2024. The special prosecutor's office is investigating whether the overseas department of the National Intelligence Service, under the direction of former NIS Director Jo Tae-yong and former first deputy director Hong Jang-won, translated the documents into English and presented them to the CIA chief in South Korea. It is also looking into whether Hong approved the related reports. Previously, on June 6, the special prosecutor's office summoned former President Yoon as a suspect in obstruction of official duties. During that investigation, they reportedly questioned him about the circumstances under which the martial law justification messages were communicated to foreign entities and whether there were any directives from the National Security Office. In contrast, former President Yoon has denied the allegations, stating that he did not give specific instructions to the National Security Office or others, and he has asserted the legality of the martial law. The special prosecutor's office aims to clarify the communication system for external messages that followed the martial law declaration, involving the National Security Office, the Ministry of Foreign Affairs, and the National Intelligence Service, as well as the extent of former President Yoon's involvement. The office plans to summon Hong on June 11 and Jo on June 12, both as suspects in the investigation.* This article has been translated by AI. 2026-06-10 11:54:00 -
Election Commission Lowers Minimum Printing Requirement for Ballots The Central Election Commission (CEC) has come under scrutiny for lowering the minimum printing requirement for ballots from 60% to 50% without holding an official meeting. This decision was made internally by two officials on December 10, according to documents submitted by lawmakers Kim Seung-soo and Kim Min-jeon of the People Power Party.Following this guideline, the Songpa District Election Commission set the printing ratio for ballots in 25 out of 26 districts, excluding Jamsil 3 and 4, at 50%.Despite the ballot shortage, Songpa District recorded a voter turnout of 65.8%, surpassing the Seoul average of 63.6% by 2.2 percentage points, ranking fourth among the 25 districts in Seoul.The CEC noted that the minimum printing threshold for ballots has been gradually reduced from 80% in 2009 to 70% in 2016, and then to 60% in 2021. This change was attributed to increasing early voting rates, challenges in securing printing facilities due to tight timelines, difficulties in verifying and storing ballots, and concerns over the loss of leftover ballots.In response to the recent ballot shortage, the CEC acknowledged that the lack of a serial number system for ballots, additional distribution criteria, and distribution procedures hindered their ability to respond swiftly. They explained that a small team of six to thirteen personnel was responsible for managing voting, processing mail-in ballots, and overseeing counting, which delayed communication about the situation.* This article has been translated by AI. 2026-06-10 11:51:00 -
China's Producer Prices Surge Amid Rising Raw Material Costs and AI Demand China's producer price index (PPI) recorded its largest increase in nearly four years in May, attributed to rising raw material costs driven by instability in the Middle East and increased demand for artificial intelligence (AI) investments. According to the National Bureau of Statistics of China, the PPI rose 3.9% in May compared to the same month last year, surpassing last month's increase of 2.8% and exceeding Reuters' forecast of 3.8%. This marks the highest monthly increase since July 2022, when the PPI rose by 4.2%. Looking at specific categories, prices for non-ferrous metals and wires surged by 22.0%, chemical raw materials by 11.8%, and fuel and energy by 10.0%, all reflecting double-digit increases. The rise in international crude oil and raw material prices, coupled with increased demand for electrical equipment and electronic devices due to AI investments, has been identified as key factors driving up producer prices. Dong Lijuan, a senior statistician at the National Bureau of Statistics, stated, "The increase in the PPI was influenced by rising demand in specific industries due to industrial restructuring and fluctuations in international crude oil and raw material prices. The modernization of manufacturing facilities and the integration of AI across industries, along with increased computing demand, have also contributed to rising prices in non-ferrous metals, electrical machinery, and computer-related sectors." However, the decline in food prices has limited upward pressure on consumer prices. The consumer price index (CPI) rose 1.2% in May compared to the same month last year, remaining at the same level as the previous month and slightly below market expectations of 1.3%. China's monthly CPI recorded zero or negative growth throughout last year, but has maintained a growth rate in the 1% range this year due to rising energy and non-food prices. Specifically, food prices fell by 1.7% year-on-year, while non-food prices increased by 1.9%. Prices for alcohol, tobacco, and dining out dropped by 0.9% compared to the previous year, with pork prices seeing a significant decline of 16.1%. Prices for transportation and communication items, which had been rising, fell by 0.3% from the previous month, halting their upward trend. Dong noted, "The stability of the CPI can be attributed to the decline in gasoline and energy prices due to fluctuations in international oil prices." While China's recent inflation indicators have rebounded, much of this is driven by supply-side factors such as rising raw material prices. Concerns are growing that if domestic recovery remains limited and companies struggle to pass on rising costs to product prices, manufacturing profitability could deteriorate. 2026-06-10 11:51:00 -
Prime Minister Kim Min-seok: June 10 Democracy Movement a Milestone for South Korean Democracy On June 10, Prime Minister Kim Min-seok marked the 39th anniversary of the June 10 Democracy Movement, stating, "I will strive to ensure that democracy in the public square takes root in daily life, allowing each citizen to enjoy a better life and paving the way for a bright future for South Korea." During the ceremony held at the Democracy Movement Memorial Hall in Yongsan, Seoul, Kim referenced President Lee Jae-myung's recent press conference, where he emphasized that the nation can overcome any crisis threatening the lives of its citizens and the future of South Korea through the collective strength of its people. Kim reflected on the events of June 10, 1987, when citizens rose up against the military dictatorship's long-standing ambitions for power, calling it a "great milestone in South Korean democracy and a valuable victory for the people." He also recalled the shock and scars left by the sudden imposition of an illegal martial law after 45 years of peace on December 3, 2024, stating, "Our great citizens confronted the martial law troops and, despite the harsh cold, defended the square to complete the revolution of light." Kim emphasized that the people's desire to protect democracy has been a continuous journey, linking the June 10 Democracy Movement to the April 19 Revolution, the Busan-Masan Democratic Uprising, the Gwangju Democratization Movement, and the Candlelight Revolution, which once again safeguarded South Korea from crisis. He asserted, "The cries from that day 39 years ago have not yet ended. Democracy is the right of all citizens and the most precious asset of South Korea that we must all protect together." The Prime Minister pledged that the government would deeply engrain the noble spirit and values of solidarity from the June 10 Democracy Movement and lead efforts to create a more mature society. Kim also noted that the memorial hall is located at the former site of the National Security Agency's torture chamber, where activist Park Jong-cheol was tortured and died. He remarked, "This space, which once oppressed democracy, has been reborn as a memorial hall that informs us of the great journey of democracy." He promised that the government would restore the torture chamber to its original state to reflect on the painful history of state-sponsored violence and develop it into a space that leads research, education, and the dissemination of democracy.* This article has been translated by AI. 2026-06-10 11:48:00 -
Korea's election watchdog faces scrutiny over ballot-printing cuts in June 3 vote SEOUL, June 10 (AJP) - South Korea's election watchdog is facing growing scrutiny after it emerged that the minimum ballot-printing threshold for the June 3 local elections was lowered from 60 percent to 50 percent of registered voters through internal approvals without a formal commission meeting, a move that could be associated with the unprecedented ballot shortages. The controversy has fueled calls for investigations and reforms amid ongoing blockade of a polling station in Seoul's Jamsil by hundreds of protesters demanding the invalidation of the June 3 election and a rerun, claiming they were effectively deprived of their voting rights because of a lack of ballots. Documents submitted by the National Election Commission (NEC) to People Power Party lawmakers Kim Seung-soo and Kim Min-jeon showed that the commission revised its "Comprehensive Management Guidelines for the 9th Nationwide Local Elections" on Dec. 10 last year through approval by the secretary-general alone. The commission also revised its "Election Procedure Manual for Public Officials Elections" on Dec. 24 through approval by the director of election policy, again without a formal meeting of commissioners. Under the revised guidelines, the Songpa-gu Election Commission decided to print ballots equivalent to 50 percent of eligible voters in 25 neighborhoods, excluding Jamsil 3-dong and Jamsil 4-dong. The agency denied any wrongdoing. A National Election Commission official told AJP that the decision had been made in accordance with existing regulations. "It is true that the decision was made through the secretary-general's approval, but it was done in accordance with the regulations stated in the commission's Comprehensive Management Guidelines," the official said, adding that procedural legitimacy had been maintained. The revelations came after ballot shortages disrupted voting at multiple polling stations during the June 3 local elections. Songpa-gu, where some of the most severe shortages occurred, recorded a turnout of 65.8 percent, 2.2 percentage points higher than Seoul's average turnout of 63.6 percent. The district ranked fourth among Seoul's 25 districts, behind Seocho-gu, Seongdong-gu and Yangcheon-gu. The NEC said the minimum ballot-printing threshold had been gradually reduced over the years, from 80 percent in 2009 to 70 percent in 2016 and 60 percent in 2021 before being lowered again to 50 percent for this year's election. According to the commission, the reductions reflected rising early-voting rates, difficulties securing printing companies because of compressed production schedules, logistical challenges in inspecting and storing millions of ballots and concerns over the management of unused ballots. The commission also argued that printing significantly more ballots than anticipated election-day turnout could fuel allegations of election fraud. However, the commission acknowledged that it lacked detailed contingency guidelines for handling ballot shortages once they occurred, including procedures for emergency ballot redistribution and the division of responsibilities among election officials. Ballot shortages have so far been confirmed at 91 polling stations nationwide, including 42 in Seoul, 23 in Gyeonggi Province, 11 in Incheon, four in Daegu, three in Busan, two each in Ulsan, South Gyeongsang Province and South Jeolla Province, and one each in North Chungcheong Province and North Jeolla Province. The estimated number of insufficient ballots has also increased. The commission initially reported 4,726 missing ballots but revised the figure to 7,194 in documents submitted Tuesday to the office of People Power Party lawmaker Chung Hee-yong. Voting was suspended for as long as 105 minutes at some affected polling stations, while authorities were unable to determine the exact duration of disruptions at three polling stations in Songpa-gu. The controversy is now drawing judicial scrutiny. The Seoul Eastern District Court conducted an on-site inspection Tuesday afternoon at the polling station in Jamsil 7-dong, Songpa-gu, where ballot shortages triggered one of the most serious disruptions during the June 3 election. The court moved to secure evidence including a ballot storage box marked as containing 1,900 printed ballots and closed-circuit television footage showing ballot-box storage and handling at 10 polling stations in Songpa-gu between June 3 and June 5. The evidence is expected to be sealed and transferred to a separate court facility for preservation. The Jamsil 7-dong polling station became the focal point of the ballot shortage controversy after voting was disrupted by a lack of ballots, prompting an extension of voting hours and triggering a two-night, three-day blockade protest by hundreds of demonstrators demanding an investigation into the election. The dispute is also spreading beyond the political arena. Major university student councils plan to issue joint statements Friday condemning the ballot shortages and calling for institutional reforms. Student councils from 16 universities, including Seoul National University Student Council, Yonsei University Student Council, Korea University Student Council and Hanyang University Student Council, are expected to release coordinated declarations on their campuses at 6 p.m. on the anniversary of the June Democratic Struggle. The groups are expected to call for a parliamentary investigation and special counsel probe, punishment of those responsible, remedies for alleged violations of citizens' voting rights, structural reform of the National Election Commission and the establishment of a citizen-participation oversight body to monitor the reform process. 2026-06-10 11:40:05 -
SpaceX debut threatens to siphon capital from Korea's chip rally SEOUL, June 10 (AJP) - Elon Musk's SpaceX is emerging as an unexpected headwind for South Korea's semiconductor-driven stock rally as global investors reposition portfolios ahead of the company's blockbuster Nasdaq debut on Friday. The world's largest-ever initial public offering is expected to begin trading after attracting more than $250 billion in investor demand for an offering seeking to raise about $75 billion at a valuation nearing $1.8 trillion, according to Reuters. For Korean investors, the listing arrives at a particularly vulnerable moment. After nearly doubling from the start of the year on the back of an artificial intelligence-fueled memory boom, the KOSPI has entered a period of sharp volatility, swaying around 8 percent over the first two days in the IPO week and another fall of 3 percent on Wednesday. Institutional pullout mostly centered around the two biggest gainers Samsung Electronics and SK hynix that accounted for much of the market's advance. Foreign investors have been aggressive sellers of Korean stocks in recent weeks. They net sold 24.6 trillion won ($18 billion) worth of KOSPI shares during the first nine trading days of June, following net sales of 51.5 trillion won in May. Combined foreign selling over the two months reached 76.1 trillion won, already more than half of the 144.2 trillion won dumped from Korean equities so far this year. The sustained outflows have weighed on the Korean won, pushing the currency toward levels seen only during periods of severe market stress. The concern is not merely about SpaceX itself but about where global capital flows next. The company occupies a unique position at the intersection of several of the market's hottest investment themes -- space exploration, satellite communications and artificial intelligence infrastructure. According to roadshow materials cited by Reuters, SpaceX told investors it sees a potential $23 trillion opportunity in artificial intelligence-related businesses and argued that future computing capacity could increasingly be built in space, where constraints on land, power generation and permitting are less severe than on Earth. The company also highlighted the dominance of its rocket-launch business and the rapid growth of its Starlink satellite internet network, which has become a major source of recurring revenue. The narrative is tailor-made for Korea's growing army of overseas investors. Known as "seohak" (overseas-leaning) ants, Korean retail investors have poured record amounts of money into U.S. equities in recent years, attracted by technology companies unavailable on the domestic market. SpaceX offers exactly the type of growth story that has fueled that migration. The recent strength of the won has also made dollar-denominated assets relatively cheaper for Korean investors, creating an additional incentive to look abroad despite volatility in global markets. The setup has prompted comparisons with LG Energy Solution's record domestic IPO in 2022. At the time, investors sold existing holdings across the market to fund subscriptions for the battery maker's shares, creating a temporary liquidity vacuum that distorted trading throughout the KOSPI. Analysts say the SpaceX debut could produce a similar effect on a global scale. The timing is particularly challenging for semiconductor stocks. Samsung Electronics and SK hynix remain among the biggest beneficiaries of the global AI boom and continue to post strong earnings. Yet they are also among the most liquid positions held by both foreign and institutional investors, making them natural candidates for profit-taking when investors need cash for new opportunities. Not everyone is convinced the enthusiasm is justified. SpaceX reported a net loss of nearly $5 billion last year, while some independent analysts have estimated the company's value at less than half the IPO target valuation. The offering is expected to float only about 3 percent of the company's outstanding shares, potentially creating sharp price swings once trading begins. For Korean investors, the greater danger may not be the money leaving Seoul but what happens after it arrives in New York. A volatile domestic market and one of the most expensive IPOs in history create conditions that have often led retail investors to chase momentum at elevated valuations. As SpaceX prepares to begin trading on Friday, investors in Seoul will be watching not only the stock's debut but also whether the world's most anticipated listing becomes a new drain on liquidity for a Korean market already showing signs of fatigue after one of its strongest rallies on record. 2026-06-10 11:38:21 -
SK Eteronics Hits Upper Limit Following Renewable Energy Business Restructuring News SK Eteronics reached its upper trading limit following news of a merger in the renewable energy sector involving SK Group and global private equity firm KKR. According to the Korea Exchange, as of 11:23 a.m. on June 10, SK Eteronics shares rose by 10,200 won (29.87%) to 44,350 won compared to the previous trading day. The surge in investor sentiment is attributed to reports that SK Group and KKR have signed a business transfer agreement aimed at restructuring their renewable energy operations. As reported by the Korea Economic Daily, SK Group and KKR are consolidating SK Innovation's E&S renewable energy business, SK Eco Plant's renewable energy operations, and a 30.98% stake in SK Eteronics held by SK Discovery. The total transaction is estimated to be worth around 1.8 trillion won. It is understood that the main contract for the SK Eteronics stake was signed last month. Following the acquisition, KKR plans to establish a joint venture with SK Group to jointly develop the integrated renewable energy business. Currently, SK Eteronics operates 36 solar power plants, six wind farms, five fuel cell facilities, and 28 energy storage systems (ESS) in South Korea. SK Innovation E&S manages 3.5 gigawatts (GW) of solar power capacity and both onshore and offshore wind projects, while SK Eco Plant is developing AI data center integration solutions based on eco-friendly energy technologies. Market expectations are high that this transaction will unify the previously fragmented renewable energy businesses within SK Group into a single platform. The combination of KKR's financial strength and SK Group's operational expertise is anticipated to accelerate business expansion. Additionally, SK Group affiliates are expected to improve their financial structures through asset sales.* This article has been translated by AI. 2026-06-10 11:36:00 -
Megabox Hongdae Reopens as Specialized Theater for Animation Fans Megabox Hongdae is set to reopen as a specialized theater catering to animation fans. Amid the ongoing success of animated films and related fandom consumption, the multiplex will feature a dedicated space combining screenings of animation films with merchandise and special exhibitions. On June 10, Megabox announced that it will renovate its Hongdae location in the Donggyo-dong area of Seoul into an "Animation Specialty Theater." This marks the first time a domestic multiplex has introduced a theater specifically targeting fans of a particular genre, in this case, animation. Following the renovation, Megabox Hongdae will expand its screenings of various animated films, excluding screen quota periods. The theater also plans to host regular animation exhibitions, providing fans with a deeper engagement with the works. A permanent merchandise shop will be established, offering products related to the featured exhibitions and popular animated goods. The lobby will be adorned with hanging banners from animated films and a ranking board showcasing the top five beloved animations among audiences. The first exhibition will feature the "Neon Genesis Evangelion" series. Until the end of this month, Megabox Hongdae will screen six films, including "Neon Genesis Evangelion: The End of Evangelion," "Neon Genesis Evangelion: Death (True) 2," and the four films of the "Rebuild of Evangelion" series, along with special giveaways. From June 22 to July 5, a special exhibition will showcase the "Detective Conan" and "BanG Dream!" film series. The lineup includes "Detective Conan: The Bride of Halloween," "Detective Conan: The Black Iron Submarine," and several films from the "BanG Dream!" franchise. Interactive events for fans are also planned. Megabox will hold a "Favorite Character Birthday Café Contest," reflecting the growing trend of birthday cafés among fans. Participants can submit illustrations or ideas for decorating the lobby based on their favorite characters, with selected entries being displayed throughout August. Additionally, customers who spend over 30,000 won at the Hongdae merchandise shop will receive a "Nyangsawon" keychain, and those who post about their visit on social media will have a chance to win merchandise exchange vouchers through a lottery. A Megabox representative stated, "The Hongdae location has been reborn as a special space where animation fans can fully enjoy their passion in a culturally vibrant area. We expect Megabox Hongdae to establish itself as a cultural hub centered around animation fandom."* This article has been translated by AI. 2026-06-10 11:36:00 -
Summary of Lee Jae-myung's Real Estate Policy Understanding the Complex Real Estate Market President Lee Jae-myung's press conference on June 8 included significant remarks regarding real estate. The president's prepared statements and the subsequent Q&A session provided insights into the government's approach to pressing issues such as the housing crisis, multiple homeowners, taxes, finance, and supply. While the topics varied, the overall direction of the government's policy was clear. The Lee administration's real estate policy is not aimed at preventing home purchases but rather at reducing the expected returns from real estate investments. As the president stated, the goal is to "fundamentally lower the expected rate of return." While acknowledging the freedom to own multiple properties, the administration plans to impose corresponding costs, reduce tax benefits for speculative holdings, and accelerate supply through new construction, renovation projects, and public rentals. Following the president's remarks, the anticipated directions for tax reform, financial regulations, and supply policies become apparent. Government's Perspective on the Jeonse Crisis One of the most contentious points was the government's view on the jeonse market. President Lee explained the recent shortage of jeonse properties and rising prices by noting that homes owned by multiple homeowners are being sold to first-time buyers, which reduces the availability of jeonse. He characterized this situation as a "normalization process" and assessed that the current surge in jeonse prices is not extreme. This statement goes beyond a simple market analysis. It suggests that the government views the decrease in jeonse availability not as a policy failure but as a transition in the housing ownership structure. When properties rented by multiple homeowners are converted to owner-occupied homes, the supply of jeonse decreases. However, from the government's perspective, this can be interpreted as an increase in homeownership among first-time buyers. The president's description of jeonse as a "type of private finance unique to South Korea" aligns with this viewpoint. The challenge lies in the lived experience. For tenants seeking jeonse, the reduced availability is a burden rather than a normalization. Concerns about declining apartment supply in Seoul persist, and there are signs that the jeonse crisis is spreading to non-apartment markets, such as multi-family homes. Ultimately, the second half of the year will test whether the government's normalization process is effective or if it leads to increased housing costs for tenants. Signals for Revising Tax Benefits for Investors Regarding taxation, President Lee delivered a clear message. He questioned why investment income should receive significant tax breaks, stating, "Why should we give so many deductions for investment income?" and added, "Why should we provide breaks for those who have speculated for a long time?" He contrasted this with the taxes paid by hardworking citizens, noting that they pay nearly half of their income in taxes. This statement encapsulates the direction of future tax reforms. Discussions have been ongoing about reducing the long-term capital gains tax exemption for non-resident homeowners and increasing the tax burden on investment properties. The president's remarks indicate that these discussions are aligned with government philosophy rather than mere ideas. The focus is not solely on long-term ownership but on whether the property is owner-occupied. Homes kept for personal residence and those held for speculative gains should not be treated the same. The intent to reduce real estate windfall profits and lower the expected returns on property ownership to redirect funds into productive areas is evident. The significance of the upcoming tax reform proposal in July lies in whether the long-term capital gains exemption will be adjusted, whether owner-occupancy requirements will be strengthened, and how non-resident homeowners will be regulated. Increased Burden for Multiple Homeowners The president's stance on multiple homeowners was also clear. He stated, "Owning several properties is not an issue. We are not prohibiting it," but added, "However, those who own multiple homes should bear corresponding burdens." The approach is not to criminalize or stigmatize multiple property ownership but to increase the costs associated with it, leaving market choices to individuals. If someone wishes to own multiple homes, they can do so, but they must also accept the tax and financial burdens that come with it. President Lee specifically mentioned property taxes, noting that they are relatively low in South Korea and that accumulating multiple properties does not impose a significant burden. He also emphasized the need to curb speculative investments using borrowed money, indicating a comprehensive view of taxes and loans. The policy direction is already shifting in this regard, with the suspension of the capital gains tax exemption for multiple homeowners ending, and financial authorities considering regulations for non-resident homeowners. Both multiple homeowners and non-resident homeowners are likely to face increased pressure from both tax and financial policies moving forward. However, the effectiveness of these measures remains uncertain. The government anticipates that increasing ownership burdens will lead to more properties on the market and make housing available for genuine buyers. Conversely, there are concerns that the tax burden may result in holding onto properties, gifting them, or passing on rental costs rather than stimulating transactions. Therefore, the key issue is not the intensity of the regulations but the actual market response. Upcoming Supply Policies Under Review Regarding supply, the president indicated that the government is still in the early stages of planning. He stated, "We are currently organizing policies to increase supply" and promised that details would be announced soon. While the direction for regulations and taxes is becoming clearer, supply measures have yet to be revealed. This statement suggests that the government is preparing a separate message regarding supply. Last September, the government announced a supply plan aiming for an average of 270,000 housing units to be constructed annually in the metropolitan area until 2030, totaling 1.35 million units. Since then, additional supply measures, including increased supply in the metropolitan area, expanded rental programs, and revitalization of non-apartment housing, have been introduced. However, what the market is waiting for is not just numbers but specifics on where, how, and how quickly supply can be increased. Notably, the government's concept of supply may differ from market expectations. While the market envisions new apartment construction in downtown Seoul, the government considers various supply methods, including redevelopment, public rentals, and encouraging existing housing listings. The president's mention of concerns about depopulation in relation to releasing greenbelt land for new towns is also noteworthy. The success of the upcoming supply measures will hinge on how well the government can align its vision of supply with market expectations. In summary, President Lee's remarks during his first anniversary press conference can be distilled into four key points: "Normalization process of jeonse reduction," "Why should we give breaks for long-term speculation?" "Corresponding burdens for multiple homeowners," and "Supply policies are being organized." The forthcoming tax reform proposals, financial regulations, and supply measures are likely to reflect these four statements. The president's responses should not be overlooked, as they contain the blueprint for the next steps in real estate policy.* This article has been translated by AI. 2026-06-10 11:30:00