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  • National Tax Service Extends Tax Deadlines for Residents Affected by Heavy Rain in Andong and Uiseong
    National Tax Service Extends Tax Deadlines for Residents Affected by Heavy Rain in Andong and Uiseong In response to the heavy rain last month, which led to the designation of Andong and Uiseong in North Gyeongsang Province as special disaster areas, the National Tax Service (NTS) has announced tax relief measures for affected taxpayers.The NTS has set up a dedicated support window for flood-affected taxpayers at the Andong Tax Office and will provide tax relief specifically for residents in the Namseon, Iljik, and Imhae-myeon areas of Andong, as well as Danchon-myeon in Uiseong.Taxpayers residing in these areas can apply for extensions on the filing and payment deadlines for corporate tax, value-added tax, and comprehensive income tax, with extensions available for up to two years. Corporations can also defer the payment deadline for their interim corporate tax until the end of October, even if they do not apply by the 31st.If there are any outstanding tax debts, taxpayers can receive a two-year deferment on property seizures or the sale of seized assets, and the required tax guarantees for deadline extensions and deferments will be waived as much as possible.For farmers, fishers, and fruit growers who have received prior notice of a tax audit or are currently undergoing an audit, the NTS will postpone these audits. If any international refund amounts arise, they will be returned promptly, and businesses that have suffered losses of 20% or more on business assets will receive tax credits on their expected income tax or corporate tax in proportion to those losses.Taxpayers seeking tax relief can apply at the Andong Tax Office or through mail and the Home Tax system.An NTS official stated, "We will provide maximum tax relief within the legal framework to taxpayers facing significant difficulties due to management crises, even outside of special disaster areas."* This article has been translated by AI. 2026-08-09 16:16:00
  • Can KOSDAQ sustain its rally after stricter ETF rules?
    Can KOSDAQ sustain its rally after stricter ETF rules? SEOUL, August 9 (AJP) - South Korea's junior KOSDAQ market has regained momentum after stricter rules on single-stock leveraged and inverse exchange-traded funds (ETFs) took effect, as short-term capital that had been concentrated in such products linked to heavyweight stocks flowed into other areas of the market. According to the Korea Exchange on Sunday, the KOSDAQ rose 23.89 percent to 798.81 points last Friday from 644.78 about a week earlier, just before the rules took effect. The junior index gained for five consecutive sessions, with buy-side circuit breakers repeatedly triggered, signaling strong buying demand. Trading also picked up, with average daily transactions increasing 13.4 percent from 5.08 trillion won (about US$3.61 billion) in the final week of July to 5.76 trillion won in the first week of August. By contrast, trading volume in single-stock leveraged ETFs, which totaled 13.9 trillion won as of July 30, fell sharply to the 1 trillion won range under the stricter rules, which require higher minimum deposits along with other measures that reduce access. Market analysts said demand that had flowed into leveraged ETFs, driven by hopes of profiting from high volatility, shifted into other stocks, helping boost activity in the KOSDAQ market. KOSDAQ-linked ETFs also saw heavy trading last week, with KODEX KOSDAQ 150 Leverage, KODEX KOSDAQ 150 Futures Inverse and KODEX KOSDAQ 150 repeatedly ranking among the most-traded ETFs. Institutional investors were net buyers of KOSDAQ shares during the same period, purchasing 956.1 billion won, while retail investors also bought a net 120.5 billion won. Foreign investors, meanwhile, were net sellers, offloading 1.12 trillion won. As money that had sought quick gains through leveraged products linked to large-cap stocks moved into smaller companies, rallies broadened across KOSDAQ-listed firms, with many of the top gainers being small- and mid-cap stocks rather than the largest companies by market capitalization. "The heavy concentration in large-cap stocks that arose around single-stock leveraged ETFs has eased, while more cash has built up, creating more favorable conditions for money to flow into the KOSDAQ," said Kwon Beom-seok, an analyst at Samsung Securities. But it remains to be seen whether the KOSDAQ, which marked its 30th anniversary last month yet remained below 1,000 points, is headed for a recovery after years of doldrums. AJP Takeaways: - South Korea's KOSDAQ index rose 23.89 percent, from 644.78 to 798.81, between approximately July 31, 2026, and Aug. 7, 2026, following the implementation of stricter rules on single-stock leveraged and inverse exchange-traded funds (ETFs), with buy-side circuit breakers repeatedly triggered over five consecutive sessions of gains. - Average daily trading value on the KOSDAQ increased 13.4 percent, from 5.08 trillion won in the final week of July 2026 to 5.76 trillion won in the first week of August 2026, while trading volume in single-stock leveraged ETFs fell from 13.9 trillion won as of July 30, 2026, to the 1 trillion won range. - Institutional investors net-bought 956.1 billion won and retail investors net-bought 120.5 billion won in KOSDAQ shares during the week of Aug. 3–7, 2026, while foreign investors net-sold 1.12 trillion won. - Rally gains broadened beyond large-cap stocks, with many top-performing KOSDAQ-listed companies during the week being small- and mid-cap firms as capital that had concentrated in single-stock leveraged products shifted into other areas of the market. - The KOSDAQ market marked its 30th anniversary on July 1, 2026, but remained below the 1,000-point threshold as of Aug. 7, 2026, leaving its longer-term recovery trajectory uncertain. 2026-08-09 16:10:27
  • Pharmaceutical Companies Focus on Easier-to-Take Medications
    Pharmaceutical Companies Focus on Easier-to-Take Medications Pharmaceutical companies are accelerating improvements in medication formulations with a focus on convenience. As differentiating solely based on efficacy becomes challenging, companies are strategizing to enhance usability through smaller pill sizes and easier administration methods.According to the Food and Drug Safety Administration's '2025 Drug Approval Report' released on August 9, among the 248 submitted medications, the highest number was new formulation drugs (68), followed by new dosage forms (67) and drugs with altered dosages (37). Submitted medications are not new drugs but require safety and efficacy evaluations, including changes in administration routes, dosages, and formulations.This year, domestic pharmaceutical companies have been launching new products aimed at reducing the burden of medication. Chung Kun Dang has introduced 'Esoduo Mini,' a treatment for gastroesophageal reflux disease, which features a smaller size to ease swallowing for long-term patients. Given the frequent recurrence of this condition, the strategy is to reduce patient dropout rates through improved formulations.Daewon Pharmaceutical has also enhanced medication convenience with 'Uptaba Sustained Release Tablets,' changing the existing capsules to sustained-release tablets and modifying the active ingredients to allow for consumption regardless of meal times. The size of the tablets has been reduced by approximately 43%, making them the smallest among combination drugs with the same active ingredients.The emphasis on diversifying formulations is driven by the understanding that improved medication adherence can lead to expanded prescriptions and better product performance. In a market with an increasing number of drugs with the same active ingredients, convenience is emerging as a new differentiating factor.This trend is also evident in the over-the-counter (OTC) market. Particularly in pediatric medications, the choice of products varies based on age and administration methods, leading to active segmentation of formulations.Hanmi Pharmaceutical has developed a range of formulations, including suppositories, chewable tablets, and stick-type syrups, centered around the 'Suspens' and 'Maxibufen' series. They have expanded their product lines to enhance medication convenience based on symptoms, age, and administration environments. Dong-A Pharmaceutical is also strengthening medication convenience by introducing cold medications that can be taken without water and oral spray cold medications for infants and toddlers.Industry experts anticipate that efforts to improve formulations will continue. In an environment where the number of drugs with the same active ingredients is increasing, it is becoming difficult to differentiate based solely on efficacy. Factors such as pill size, frequency of administration, and the relationship with meals are likely to influence prescription choices and product selection.An industry insider stated, 'As the number of products with the same mechanism and efficacy increases, it has become challenging to expand the market with existing sales strategies. Ultimately, the criteria that will drive prescriptions from healthcare providers and choices from patients will be how easily and consistently they can take the medication.'* This article has been translated by AI. 2026-08-09 16:00:20
  • Korean Won Falls to 1400 Against Dollar: Will Strength Continue?
    Korean Won Falls to 1400 Against Dollar: Will Strength Continue? The won-dollar exchange rate has rapidly fallen to the 1400 won level, raising questions about whether the won will continue to strengthen. While the influx of dollars due to corporate tax payments could lead to further declines, experts predict a rebound if the supply of dollars is exhausted.According to the Seoul foreign exchange market on August 9, the exchange rate closed at 1409.5 won per dollar on the morning of August 8. During the day, it hit a low of 1407.3 won, marking the lowest level since October 2, 2022, when it was 1399.5 won.The exchange rate has seen a significant drop recently. After peaking at 1555.8 won on July 2, it has decreased by 139.7 won over 25 trading days, averaging a decline of 5.6 won per day. This rate of decline is more than double the average drop of 2.5 won per day recorded from April 9 to June 30, 2022.Factors contributing to the recent sharp decline in the exchange rate include improved dollar supply and coordinated market interventions by the U.S. and Japan. The influx of dollars related to SK Hynix's American Depositary Receipts (ADRs) and dollar sales by exporters have also alleviated supply pressures.Additionally, the completion of profit-taking and portfolio rebalancing by foreign investors in the domestic stock market has influenced the drop in the exchange rate. After recording the largest net sell-off in history in June due to profit-taking and rebalancing, foreign investors shifted to net buying in July.Unusual market cooperation between the U.S. and Japan has also been cited as a factor in the exchange rate decline. On July 31, the two countries' foreign exchange authorities jointly purchased yen to counter the yen's depreciation, marking the first such intervention since the Asian financial crisis in 1998. As a result, the yen-dollar exchange rate, which was nearing 164 yen, temporarily fell to the 155 yen range before rising to the 157 yen level as of August 8. The won also strengthened in line with the yen's appreciation.The dollar's recent weakness has further supported the decline in the exchange rate. Following the release of U.S. employment data on August 7, which fell significantly short of expectations, the Federal Reserve's outlook for interest rate hikes this year weakened. The dollar index, which measures the dollar's value against six major currencies, has dropped to 99.60.In this context, attention is focused on whether the won's strengthening trend will continue. With corporate tax prepayments scheduled for December, there are expectations that this will reduce downward pressure on the exchange rate. This year, particularly strong earnings from semiconductor companies like Samsung Electronics and SK Hynix are expected to lead to a significant increase in corporate tax prepayment amounts.Lee Jin-kyung, a researcher at Shinhan Investment Corp., stated, "As companies prepare for the corporate tax prepayment schedule at the end of August, the influx of foreign exchange will support downward pressure on the won-dollar rate. However, while the won may strengthen in line with the yen, monitoring for further interventions is necessary."Some analysts caution against viewing the recent won strength as a structural trend. Hanwha Investment & Securities noted that the limited supply factors from ADR conversions and exporter negotiations mean that once these supplies are exhausted, dollar availability will inevitably decrease. They also pointed out that while U.S.-Japan policy cooperation can control the speed of exchange rate increases and speculative positions, it cannot change the underlying fundamentals.Choi Kyu-ho, a researcher at Hanwha Investment & Securities, remarked, "The U.S.'s active currency intervention policy creates asymmetrical movements in the exchange rate rather than simply lowering it. In the short term, the likelihood of a rebound in the exchange rate is high as the dollar supply that led to the sharp drop in July weakens."* This article has been translated by AI. 2026-08-09 15:52:00
  • So Ji-sub Discusses Success of Kim Manager and Team Effort
    So Ji-sub Discusses Success of 'Kim Manager' and Team Effort SBS's drama 'Kim Manager' has created a sensation, achieving an impressive viewership rating of 23%. At the center of this success is actor So Ji-sub, who plays the role of 'Kim Manager,' a former special agent turned employee at a small savings bank, adapted from a popular Naver webtoon. "Honestly, it feels like I'm being pranked in a surprise camera situation. I'm overwhelmed by the immense love and support, and I wonder if this is really happening. Of course, I would love to see a Season 2, but things don’t always go as planned. I've heard positive thoughts about it, but I’m still uncertain," So said. So Ji-sub does not take credit for the high ratings, emphasizing that 'Kim Manager' is not solely his achievement. He highlighted the contributions of all the cast and crew, particularly praising fellow actors Yoon Kyung-ho and Choi Dae-hoon for their significant roles in the show's success. "I can't say it's just because of me. I don't think 'Kim Manager' is a project where I have a large share. It wasn't just me; everyone contributed. I believe that without Yoon Kyung-ho and Choi Dae-hoon, we wouldn't have achieved this level of success," he stated. On set, the three actors frequently exchanged ideas about their scenes. Given that the character of Kim Manager does not express emotions overtly, they focused on how to fill in the gaps. "There wasn't much I could do with my character. So, when the three of us gathered, we discussed how to fill in those gaps. We talked about how to make the scenes more vibrant, sharing ideas continuously. We made sure to convey the essential lines while also working to fill in the emotional spaces. Both of them are excellent actors and brought a wealth of ideas to the table," he explained. As a former special agent, action preparation was also crucial. Although So Ji-sub has a long history in action genres, he adjusted his physical appearance for this role, considering that Kim Manager is a father and an older character. "I dislike feeling stiff, so I keep exercising regularly. Therefore, I don't feel a significant physical burden when performing action scenes. However, the aftereffects can be tough, especially around the time of filming. This time, since Kim Manager is a father and an older character, I aimed for a more grounded appearance rather than a model-like physique, so I didn't diet as much as before," he said. 'Kim Manager' also features scenes created with AI technology. So Ji-sub acknowledged that AI is becoming increasingly integral to the industry but noted that it still cannot replicate the sensory experiences that come from human interaction. "I believe we need to embrace AI. It’s hard to exclude it, and there are clear pros and cons. In the past, we relied on CGI for large-scale or risky scenes, but now there's a trend toward using AI. However, there are still limitations. The invisible elements, like the scent of sweat or the nuances of human movement, are not yet fully captured. Additionally, the impact on job opportunities is significant. Still, I think our drama's use of AI was a bold and positive attempt," he remarked. In this project, So Ji-sub portrays a father to a high school daughter named Min-ji. While he has played father roles before, the dynamic with actress Seo Soo-min brought a fresh experience. "I've played a father before, including in 'Be With You,' and I've worked with children in other projects, so it wasn't awkward. However, this time, having a high school daughter made me curious about how that would translate on screen. After nearly 30 years in the industry, it’s challenging to show something new, but I thought it would be refreshing for both me and the audience. Soo-min helped a lot; since I don't have a daughter, she treated me like a real dad on set, which helped ease any initial awkwardness," he shared. The action in 'Kim Manager' is not just for spectacle; it is rooted in emotion. So Ji-sub, who has extensive experience in action roles, emphasized the importance of emotional buildup before the action unfolds. "I've done a fair amount of action. While there are necessary action scenes in dramas, I prefer those that are brief and serve a purpose. The truly essential action should emerge from the emotions that precede it. This drama features action that is driven by emotion, which I believe resonated with viewers, making it more satisfying to watch. I don't enjoy action for action's sake," he stated. So Ji-sub has been recognized for fostering a positive atmosphere on set. With his extensive experience, he understands that a production is not the work of a single individual. "When I go on set, I often find that I'm the oldest. After many years, I've learned that a project isn't created by one person alone. No matter how talented someone is, a good production requires the collaboration of both staff and actors. I hope the set is a place where everyone enjoys working together. When I first met the director, I mentioned that while there would be challenges, I hoped the staff would feel excited to work on this project," he said. His sentiments were also reflected in the gifts he presented to the staff. So Ji-sub expressed a desire to leave positive memories for those who worked alongside him. "Since I became a lead actor, I've consistently given gifts. It’s not just about my performance; I want those who worked with me to have good memories. I may take on various projects, but I want them to remember this one fondly, thinking, 'That was a great experience,'" he explained. His ongoing motivation to continue acting stems from a desire to connect with audiences through his performances. So Ji-sub expressed a wish to showcase his acting style and gain recognition for it. "I think what’s hard to find is interesting. I haven’t done as many projects as I could, but I want to keep going. My acting style isn’t about extreme emotional fluctuations or grand expressions. I still want to persuade people with my acting style. I think I have a desire for recognition, saying, 'This is my acting, so please acknowledge it.' I want to continue performing with minimal dialogue and through my expressions," he said. So Ji-sub does not have a strong desire for personal awards. Instead, he prefers that 'Kim Manager' be recognized as a whole. However, he is open to awards that he can share with his fellow actors. "I’m grateful, but I don’t have a strong desire for awards. I hope this project does well enough to avoid any losses and allows me to choose my next project easily. Especially with 'Kim Manager,' so many people contributed significantly, so I would prefer the project to receive recognition rather than just me. However, I do have a desire for something like the Best Couple Award, which I would love to share with my friends," he said. Regarding the possibility of a Season 2, So Ji-sub cautiously left the door open. He noted that the original webtoon has a broad universe, but creating a new storyline that captures the essence of the first season's theme of a father losing his daughter would be challenging. "It hasn't been long since the drama ended... Haha. The original webtoon has a wide universe, so there are many potential storylines. However, the first season had a significant theme of a father losing his daughter. If there were to be a Season 2, creating a new central theme would not be easy. We can't have Min-ji getting kidnapped again. It won't be simple, but I think we might find a way to make it work," he concluded. * This article has been translated by AI. 2026-08-09 15:52:00
  • Major Automaker Unions Resume Strikes After Summer Break
    Major Automaker Unions Resume Strikes After Summer Break Unions representing major automakers are set to resume strikes following their summer break. Hyundai Motor and Kia are among the companies where negotiations, which had paused during the summer vacation, will soon restart.According to industry sources, the Hyundai union will hold a Central Negotiation Committee meeting on August 11 to discuss their future strategies. Key topics for discussion will include the possibility and intensity of additional strikes.This year, the Hyundai union has already engaged in three partial strikes, escalating their actions. They conducted daily two-hour partial strikes from July 13 for three consecutive days, followed by four-hour partial strikes from July 20 to 22 and again from July 29 to 31.The union argues that employee compensation is insufficient compared to the company's performance. They claim that while the company's operating profit has significantly increased, employee wages have not kept pace.The union's demands include a basic wage increase of 149,600 won (excluding seniority increases), a performance bonus equivalent to 30% of last year's net profit, reinstatement of dismissed workers, and an extension of the retirement age to 65. The company has proposed an 89,000 won increase in monthly base salary, a performance bonus of 350% plus 10 million won, and 15 shares of company stock, but the union has rejected this offer.Bridging the gap over the size of the performance bonus is proving challenging, especially given the difficult external environment for Hyundai. Last month, Hyundai's domestic sales fell to 48,113 units, a 14.4% decrease compared to the same period last year. Although the company's second-quarter revenue rose by 1.9% year-on-year to 49.2153 trillion won, operating profit dropped by 20.8% to 2.8509 trillion won, impacted by rising tariffs and raw material costs.On July 27, the Central Labor Relations Commission decided to suspend mediation, allowing Kia to begin serious wage negotiations this month. The Kia union and management will hold their 10th working-level negotiations on August 11, followed by the 7th main negotiation at the Gwangju plant on August 12 and the 8th main negotiation at the Sohari plant on August 13.The Kia union is also demanding a basic wage increase of 149,600 won, a performance bonus equivalent to 30% of last year's operating profit, the introduction of a 4.5-day workweek, and an extension of the retirement age to 65. However, given that Kia has concluded wage negotiations without disputes for five consecutive years from 2021 to last year, it remains to be seen whether this will lead to actual partial strikes.Among mid-sized automakers, Renault Korea has begun preparations for a strike following the Central Labor Relations Commission's decision to suspend mediation last month. The Renault Korea union is demanding a basic wage increase of 284,595 won, the abolition of the wage peak system, and the reintroduction of a seniority-based pay system. Meanwhile, Korea GM and KG Mobility (KGM) completed their wage negotiations last month. 2026-08-09 15:44:00
  • Nonghyup to Invest 300 Billion Won Amid Heatwave and Drought
    Nonghyup to Invest 300 Billion Won Amid Heatwave and Drought As heatwaves and droughts persist across the country, Nonghyup has decided to urgently allocate 300 billion won in disaster funds. The organization aims to respond comprehensively to prevent damage to crops and livestock and to protect farmers from heat-related illnesses.According to Nonghyup on August 9, the organization will provide 300 billion won in disaster funds to support farmers affected by the heat and drought. Emergency watering support will be provided to 3,693 vulnerable farms through 110 local agricultural cooperatives, and the supply of agricultural and livestock materials will be increased.Support will also be provided to prevent sunburn damage to crops and to combat pests and diseases. Utilizing 1.7 billion won from the supply stabilization fund, Nonghyup will promote discounts on agricultural chemicals and shade materials. Additionally, to minimize damage to livestock, customized support worth 400 million won will be offered, including the installation of heat reduction facilities and the supply of nutritional feed.Welfare support for preventing heat-related illnesses among farmers will also be strengthened. A total of 5,927 cooling centers will be operated nationwide to provide rest areas and drinking water, along with the distribution of 320,000 neck coolers, 1 million fans, 1 million onion juice packs, and 200,000 heat safety guideline pamphlets. Furthermore, promotional efforts for heat prevention are being conducted using digital signage at agricultural cooperatives and bank branches across the country.Nonghyup Chairman Kang Ho-dong visited Gimhae in South Gyeongsang Province on August 7 to assess the damage to agricultural land and reservoirs. Gimhae has been experiencing crop damage, particularly to sweet persimmons and rice, due to low cumulative rainfall and reservoir levels. Chairman Kang delivered 40 irrigation devices, including pumps, along with 100 disaster relief kits and bottled water.Chairman Kang emphasized, "As record heat and drought continue, the difficulties faced by farmers are greater than ever. Nonghyup will concentrate all its efforts to minimize damage to farmers and ensure their health and safety through the 300 billion won emergency disaster fund and the operation of cooling centers."In the past year, Nonghyup provided 800 billion won in disaster funds and 11 billion won in donations during disasters such as wildfires, floods, and heatwaves. Additionally, over 17,000 employees participated in volunteer activities to support the rapid resumption of farming for affected farmers. 2026-08-09 15:44:00
  • Oktoberfest to Take Place in Seoul This September
    Oktoberfest to Take Place in Seoul This September Deutsche Oktoberfest Korea announced on September 9 that it will host 'Oktoberfest Seoul 2026' from September 11 to 20 at the Mapo Cultural Storage in Seoul.Oktoberfest is recognized as a major cultural heritage of Bavaria, Germany, and the world's largest folk festival. The organizers aim to introduce the traditions and values of Oktoberfest to South Korea and enhance cultural exchange between Korea and Germany. They have also received approval from the city of Munich to use the name Oktoberfest Seoul.The Mapo Cultural Storage, a repurposed oil storage facility, aligns with the festival's theme of 'modern inheritance of tradition,' making it an ideal venue.The event will feature a large beer tent (Festzelt) and will recreate the vibrant atmosphere of Oktoberfest in Seoul. Attendees can enjoy authentic beers, including Paulaner, and traditional Bavarian foods such as Schweinshaxe, pretzels, and Weisswurst. There will also be performances of traditional German music, local band stages, and interactive cultural programs.Georg Wilfried Schmidt, the German Ambassador to South Korea, expressed hope that Oktoberfest Seoul will deepen the understanding of German culture among Seoul residents and visitors, strengthening the friendship between the two countries.A representative from Deutsche Oktoberfest Korea stated, 'We plan to faithfully recreate the traditions and authenticity of Oktoberfest while offering a variety of experiential content tailored to local audiences.' They added, 'We also aim to contribute to Seoul's position as a leading global festival city in Asia.'* This article has been translated by AI. 2026-08-09 15:40:00
  • Government to Focus on Speed of Housing Supply in Upcoming Real Estate Measures
    Government to Focus on Speed of Housing Supply in Upcoming Real Estate Measures The government is expected to announce a real estate policy this week aimed at supplying over 50,000 additional housing units in the metropolitan area. Market attention is shifting from the quantity of supply to the speed at which it can be delivered. Even if new sites and urban idle land are identified, existing projects hindered by financing, compensation, and permitting issues may limit the actual impact of supply.According to political and real estate industry sources on August 9, the government is finalizing its additional housing supply measures after two policy review meetings on August 3 and 7. The announcement is likely to occur on August 13.The proposed additional supply is over 50,000 units in the metropolitan area. Potential sources include idle land from public institutions and schools in downtown Seoul, sites for relocating military bases, and high-density development in aging low-rise residential areas. The focus is shifting towards expediting the construction start dates of already secured third-phase new towns and public land rather than adding new supply.The government's emphasis on the speed of supply stems from concerns that the construction performance over the next two to three years will not meet the demand in the metropolitan area. The government aims to start construction on an average of 270,000 units per year, totaling 1.35 million units by 2030.However, experts agree that restoring the supply pipeline to connect planned housing to actual construction is a priority over simply increasing the number of new supply sites.In the first half of this year, housing starts in the metropolitan area totaled 65,204 units, only 24.3% of the annual target of 268,000 units, and a 0.7% decrease compared to the same period last year.Jin Mi-yoon, a professor at Myongji University's Graduate School of Real Estate, stated, “The supply pipeline from permitting to construction and completion is experiencing bottlenecks at the construction stage. Housing supply should be viewed as a problem that requires coordination among finance, taxation, and the market.”In practice, many projects face delays in breaking ground due to various procedural and funding issues, even after securing land and developing business plans. Public land projects often experience extended timelines due to sequential processes like land compensation, environmental and traffic impact assessments, cultural heritage investigations, and permitting. Redevelopment and reconstruction projects are also delayed by construction costs, shared expenses, relocation costs, and funding issues.The Korea Land and Housing Corporation (LH), the government’s supply execution agency, plans to reform existing project methods to alleviate these bottlenecks. The key is to implement a 'parallelization' of project procedures. Previously, each step had to be completed before the next could begin; now, tasks that can be conducted simultaneously will be expedited.LH President Lee Seong-hoon remarked, “Due to low construction starts in recent years, the upcoming supply will also be very limited. It is crucial to increase construction starts on public land so that the public can feel the impact.”The progress of previously announced supply sites will also serve as a benchmark for assessing the effectiveness of this new policy. A notable example is the Camp Kim site in Yongsan, Seoul, which was announced in the August 2020 policy as a site for 3,100 housing units. However, due to soil contamination cleanup, urban planning procedures, and consultations with relevant agencies, construction has yet to begin. The government has adjusted the supply target for this year to a maximum of 2,500 units, but the construction goal is set for 2029.A real estate industry insider noted, “In this supply policy, it is essential to observe how much the newly announced supply differs from previously announced amounts and how much the construction start dates for existing projects can be advanced.”* This article has been translated by AI. 2026-08-09 15:32:00
  • Debate Erupts Over Housing Development at Yongsan Childrens Garden
    Debate Erupts Over Housing Development at Yongsan Children's Garden At the entrance of Yongsan Children's Garden, a series of wreaths opposing the government's housing supply proposal were displayed, with messages such as, "Once destroyed, it cannot be restored," "Children's parks are for children," and "Damaging Yongsan Park robs future generations of their rights."On the afternoon of August 9, families were seen visiting the garden. Despite the hot weather, parents with umbrellas held their children's hands while kids ran around the grassy areas, seemingly oblivious to the heat.One parent carrying a child remarked, "It’s hot, but there’s a café, and it’s a great place for kids to play freely, so I think it’s worth coming here." A woman in her twenties, visiting for the first time, said, "I came because it’s famous on Instagram. It’s surprising to find such a space in downtown Seoul."A representative from Yongsan Park stated, "We are generally opposed to the government's housing supply proposal," adding, "It seems that many visitors come here because it is a space where citizens can enjoy nature for free in the city." However, he noted that some residents are concerned about a potential drop in property values if apartments are built, as rental housing supply would be necessary.As Yongsan Children's Garden, a space utilized for public relaxation, has been mentioned as a candidate for housing supply, it has become a focal point of controversy. The government is reportedly considering using urban idle land and military facilities in its upcoming housing supply measures, with Yongsan Children's Garden being one of the potential sites.Yongsan Children's Garden is part of the approximately 3 million square meters of land returned by the U.S. military, with about 300,000 square meters temporarily opened to the public since 2023. This area is roughly the size of 42 soccer fields. Last month, a restricted protection zone of 137,000 square meters surrounding the children's garden was lifted, prompting the government to explore the possibility of utilizing the site for housing.Recently, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol mentioned that the government is reviewing options such as lifting greenbelt restrictions and utilizing military facilities in relation to housing supply measures. In a situation where securing large-scale supply sites in urban areas is challenging, utilizing military bases and public land near Seoul has emerged as a key strategy.However, the Seoul city government has clearly opposed housing supply in the Yongsan Children's Garden area. Earlier, Seoul Mayor Oh Se-hoon stated at a public forum on real estate normalization on August 6, "Yongsan Park is a space that the government and Seoul City must responsibly preserve for future generations," emphasizing that even a portion should not be used for housing supply. Yongsan District also maintains that the park should be developed according to the original plan.Experts have also pointed out that utilizing Yongsan Children's Garden for housing supply may not be effective. Kim In-man, a director, stated, "Building apartments in Yongsan Children's Garden will not easily resolve the housing supply issue," arguing that it is better to keep this green space in the center of Seoul as a park. He suggested that reviewing options to increase housing supply by raising the floor area ratio in areas already under development and expanding transportation networks could be more efficient.* This article has been translated by AI. 2026-08-09 15:32:00