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  • Former Prosecutors Urge President Yoon to Veto Criminal Procedure Law Amendment
    Former Prosecutors Urge President Yoon to Veto Criminal Procedure Law Amendment As a criminal procedure law amendment that fully abolishes the supplementary investigation rights of prosecutors passed the National Assembly, former top prosecutors are urging President Yoon Suk Yeol to exercise his veto power.The Prosecutors' Association, led by former Prosecutor General Han Sang-dae, issued a statement on August 2, condemning the Democratic Party's "legislative dictatorship" for passing the amendment. They criticized, "Despite opposition from the Minister of Justice, the prosecution, concerns from the Supreme Court, and the President's expressed dissent, the Democratic Party rushed to pass the amendment that abolishes prosecutors' investigative powers. This is an act of arrogance and obsession by the ruling party, disregarding the grievances and concerns of crime victims, as well as overwhelming public opposition, without proper deliberation and discussion."The statement continued, "Who will be responsible for the numerous adverse effects and chaos that may arise from this, and how will it be resolved? The President must exercise his veto power based on his convictions. The Constitutional Court should also rule this as unconstitutional in the future."The Prosecutors' Association, which includes former high-ranking prosecutors, has been vocal on major judicial issues. They stated that if the President does not exercise his veto, they will continue to fight in solidarity with conscientious legal professionals and victim groups.The criminal procedure law amendment, which passed the National Assembly on July 31 under the leadership of the Democratic Party, completely separates investigation and prosecution, prohibiting direct investigations by prosecutors and allowing only requests for supplementary investigations to the police.As a result, the investigative powers of prosecutors, which have been a cornerstone of the criminal justice system since the enactment of the criminal procedure law in 1954, have effectively disappeared. Following the passage of the bill, Acting Prosecutor General Koo Ja-hyun expressed his deep sense of responsibility and submitted his resignation.* This article has been translated by AI. 2026-08-02 16:00:00
  • Son Heung-min Scores in Fourth Consecutive MLS Match as LAFC Draws with Vancouver
    Son Heung-min Scores in Fourth Consecutive MLS Match as LAFC Draws with Vancouver Son Heung-min of LAFC scored in his fourth consecutive match in Major League Soccer (MLS).On August 2, Korean time, Son netted the opening goal in the 37th minute during an away match against the Vancouver Whitecaps at BC Place in Canada.This marked Son's fourth goal in MLS and extended his scoring streak to four matches.After a slow start to the season, Son found the net for the first time in the regular league on July 18 against LA Galaxy, following the FIFA North America World Cup break, contributing to a 3-0 victory.Since then, Son has regained his scoring touch, adding goals against Real Salt Lake on July 23 (3-1 win) and Kansas City on July 26 (4-0 win), culminating in his latest goal against Vancouver.With his goal against Vancouver, Son's official tally for the season now stands at six, including two goals in the CONCACAF Champions Cup.Starting as the central forward, Son connected the team's first shot on goal with his opening strike in the 37th minute.After capitalizing on a defensive error, Denis Bouanga intercepted the ball and passed it to Son, who turned and fired a stunning right-footed shot into the net.However, Son's goal did not lead to a victory for LAFC, as they conceded a penalty equalizer to Thomas Müller in the 76th minute.Ultimately, LAFC finished the match in a 1-1 draw.* This article has been translated by AI. 2026-08-02 15:44:00
  • S.Korea swelters as Yangsan hits record 42.5 degrees Celsius
    S.Korea swelters as Yangsan hits record 42.5 degrees Celsius SEOUL, August 02 (AJP) - South Korea buckled under its most brutal heat in more than a century on Sunday, as the southeastern city of Yangsan reached 42.5 degrees Celsius, the highest temperature ever recorded since modern observation began in 1904. The reading, logged at 1:26 p.m., pushed the country past 42 degrees for the first time in 122 years and marked the third straight day that a national record had fallen. Yangsan has now topped 40 degrees for five consecutive days. Other cities in the southeast baked alongside it. Gimhae and the North district of Busan both reached 40.6 degrees, while Gwangyang in South Jeolla province hit 40.3 degrees and Gyeongju climbed to 40.2 degrees. The Korea Meteorological Administration attributed the searing heat to twin high-pressure systems, the North Pacific and Tibetan highs, blanketing the peninsula at once, combined with intense sunshine, a foehn wind effect and Yangsan's basin terrain. As of Sunday, cumulative heat-related illnesses since mid-May reached about 1,781 cases nationwide, including 13 deaths, according to the Korea Disease Control and Prevention Agency. Crowds fled to the coast and to water parks, packing beaches such as Busan's Haeundae, where wait times at some attractions stretched to more than three hours. Farmers, meanwhile, hauled water to parched fields and set out ice for livestock, as tens of thousands of poultry and farm animals perished across the south. In the capital, the weather agency upgraded the last remaining district to a heat wave warning at 11 a.m., placing all of Seoul under the alert, while a tropical night advisory entered its ninth consecutive day. The city expanded its response task force to eight teams and checked in on hundreds of vulnerable elderly residents. "With the heat wave dragging on, the risk of harm to citizens from illnesses such as heat stroke is growing," said Choi Jin-seok, head of Seoul's disaster and safety office. "We will operate our response system so that heat measures work without a gap in the field." 2026-08-02 15:35:09
  • Household Loans Surge Despite Tightening Regulations
    Household Loans Surge Despite Tightening Regulations Last month, major commercial banks in South Korea saw household loans increase by nearly 4 trillion won. Mortgage loans surged by over 2 trillion won, while demand for investment loans continued despite stock market fluctuations, leading to a rise in overdraft accounts by around 1 trillion won. This trend reflects a rush to secure loans ahead of tightening regulations.According to the financial sector on August 2, the outstanding household loans from the five largest banks—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—reached 778.79 trillion won as of July 30, marking an increase of 3.83 trillion won from the end of June (774.96 trillion won). This marks the second consecutive month of increases around 4 trillion won, following June's rise of 4.14 trillion won.The expansion in household loans was primarily driven by mortgage loans. During the same period, the outstanding mortgage loans from these banks rose to 617.43 trillion won, an increase of 2.28 trillion won from the previous month. This is the largest increase in 11 months since August of last year, when it rose by 3.70 trillion won. Despite banks reducing mortgage loan limits and imposing restrictions, demand for home purchases has led to significant growth.Overdraft accounts also increased to 44.47 trillion won, up by 1.19 trillion won compared to the previous month. This marks the third consecutive month of increases exceeding 1 trillion won, following rises of 1.86 trillion won in May and 1.83 trillion won in June. The fluctuations in the KOSPI index, which fell to around 5,200 points on July 29, have spurred demand for investment loans as investors seek to buy at lower prices.As banks continue to raise lending thresholds, the significant increase in household loans is adding to their burdens. The increase in household loans, excluding policy-based loans from the five major banks, has reportedly exceeded the annual target set by the Financial Supervisory Service (approximately 4.34 trillion won) by over 1 trillion won.As a result, the market anticipates a stronger upward trend in loan interest rates in the second half of the year. The Bank of Korea has hinted at the possibility of further interest rate hikes during its monetary policy committee meeting this month, adding to the pressure on loan management. Some analysts predict that fixed mortgage rates could exceed 8% by the end of the year.As of July 31, the fixed mortgage rates from the five major banks (based on 5-year financial bonds) ranged from 4.74% to 7.50%. Compared to the end of last year (3.93% to 6.23%), the upper limit has increased by 1.27 percentage points, and the lower limit has risen by 0.81 percentage points this year. Variable mortgage rates are currently lower, ranging from 4.13% to 6.38%, but are also expected to rise due to ongoing increases in the COFIX index. Credit loan rates have also surpassed 6% at the upper limit since last month.A representative from a major bank stated, "To prevent a 'balloon effect' where demand shifts to other banks, we may see a gradual increase in interest rates. The potential for additional interest rate hikes and stricter household loan management will likely increase borrowers' interest burdens further."* This article has been translated by AI. 2026-08-02 15:32:00
  • AI Opens a New Era for K-Culture
    AI Opens a New Era for K-Culture Squid Game, BTS, Parasite, and K-pop have transformed South Korea into a cultural export powerhouse. Now, K-culture is preparing for another leap, driven by artificial intelligence (AI). Generative AI is changing not just the tools for content creation but also the planning, production, distribution, and consumption processes.The second leap of K-culture will begin with 'K-Content 2.0,' where creators and AI collaborate. Leading this change is Kim Kwang-jip, CEO of Studio Metak.K-culture must evolve again.Over the past two decades, K-culture has risen from the periphery of the global cultural industry to its center. K-pop has reshaped the global music market, while Korean dramas have become key content on global platforms. Webtoons have become source intellectual property (IP) for films and dramas, and both games and entertainment have gained recognition in the global market.South Korea is no longer just a country that imports culture; it has become one that exports it and is changing global cultural consumption patterns.However, K-culture is now facing a new inflection point. Competition in the global market is intensifying, and production costs are rising rapidly. Viewers demand higher quality and more diverse content. The traditional production methods are becoming insufficient to maintain global competitiveness, and this is where generative AI comes into play.AI is rewriting the economics of the content industry.Many people understand generative AI as a technology for creating images and videos, but its significance in the content industry is much broader. AI is not just speeding up production; it is changing the very structure of the industry.In the past, producing a film required numerous staff, long production periods, and substantial costs. Every process, from planning and scriptwriting to filming, post-production, and special effects, was carried out sequentially.Now, AI can assist in expanding ideas and creating storyboards during the planning phase, implementing various scenes during production, and automating editing, subtitles, sound, and translation in post-production.With the entire production process connected through an AI-based pipeline, time and costs are reduced, allowing creators to focus more on new ideas.Kim Kwang-jip redefines this trend as 'AI production.' He envisions generative AI not merely as a tool for video creation but as a production platform that connects the entire content creation process from planning to distribution.By delegating repetitive tasks to AI, creators can invest more time in areas that require human touch, such as direction, storytelling, and emotional expression.AI does not replace creators.A common misconception about generative AI is that it will replace creators. However, those actively using AI in the field have a different perspective. Kim Kwang-jip defines AI not as a technology that replaces creators but as a tool that maximizes their productivity.The advent of the camera did not eliminate painters, nor did the proliferation of digital editing tools make filmmakers obsolete. New technologies have historically helped existing creators realize greater imagination rather than replace them.AI is no different. While AI can generate videos and images, it cannot decide what story to tell or replicate human emotions and philosophy. The essence of content still comes from human imagination, experience, and empathy. Ultimately, the competitiveness in the AI era will depend on how creatively people can utilize AI.Proven AI in broadcasting and production.Kim Kwang-jip stands out because he is not just a technician developing AI in a lab; he is a content creator actively using AI in broadcasting, film, and advertising production.His company, Studio Metak, has been conducting various commercial projects using generative AI, including dramas, broadcasts, advertisements, virtual humans, XR content, and AI animation, demonstrating the potential of AI production methods.This goes beyond merely showcasing technology; it integrates AI into actual commercial content production processes.The accumulated know-how is not confined to one company but can spread across broadcasters, production companies, the advertising industry, and even education and public content sectors.AI can be utilized regardless of production scale, allowing large production companies to enhance productivity, small producers to reduce costs, and individual creators to achieve production capabilities previously thought impossible.AI is reshaping the competitive landscape of the content industry while also broadening the creative ecosystem.K-culture evolves into 'global native content.'The first success of K-culture was exporting content made in Korea to the world. In the AI era, this approach is likely to change significantly.Generative AI opens up possibilities for rapidly transforming a single piece of content to suit various languages and cultures through advancements in translation, dubbing, voice synthesis, and subtitle generation.This transition signifies a shift from merely introducing Korean content abroad to planning and producing 'global native content' from the outset, with the global market in mind.South Korea already possesses world-class ICT infrastructure and content production capabilities. With the addition of generative AI, K-culture can secure both production efficiency and global scalability.Kim Kwang-jip views AI not merely as a cost-cutting technology but as a growth engine that connects Korean content to the world more quickly and broadly.Designing a content ecosystem beyond technology.Kim Kwang-jip's interests extend beyond video production. While creativity is central to the content industry, securing production funds and attracting investment remain significant challenges. No matter how brilliant an idea may be, without funding, a project cannot come to fruition.Kim believes that in the AI era, not only production technology but also investment and distribution methods must be innovated. Building an ecosystem where various participants grow together around content IP is essential for K-culture to develop into a sustainable industry.These efforts are still ongoing, but they demonstrate that AI can change not just production but the entire industrial structure.The next decade for K-culture.If streaming platforms have changed distribution methods, generative AI is changing production methods. In the future, how effectively AI is integrated into the creative process will likely determine the competitiveness of content companies.However, as technology becomes increasingly standardized, human creativity and cultural sensitivity will become even more critical competitive advantages. In the AI era, the greatest asset will ultimately be people, and the success of content will depend on the stories created rather than the level of AI utilization.Kim Kwang-jip's challenge extends beyond the growth of a single company. He is experimenting with new production grammar by applying AI technology in production settings and seeking ways to enhance industry productivity and scalability.If K-culture's first success stemmed from the passion of creators, the second success is likely to emerge from a new ecosystem created by the collaboration of creators and AI.For South Korea to truly become a powerhouse in AI, it must go beyond merely producing AI models to creating new cultures and industries through AI. Kim Kwang-jip's vision for the future embodies this challenge.: Kim Kwang-jip, CEO of Studio Metak: A leader in the AI-driven content industry, applying generative AI in broadcasting, film, and advertising.He has built an 'AI production' model that connects the entire content creation process through various commercial projects, including AI video production, XR content, virtual humans, and AI animation.Studio Metak is proving the practical applicability of generative AI in the broadcasting and media industry, presenting a new production paradigm that bridges technology and content.Kim is recognized as an AI leader driving the global expansion of K-culture and innovation in the content industry by utilizing AI as a tool to enhance creators' competitiveness. 2026-08-02 15:28:00
  • South Korea Launches Immigrant Human Rights Investigation Task Force
    South Korea Launches Immigrant Human Rights Investigation Task Force A nationwide integrated protection system has officially launched to swiftly respond to human rights violations against foreign workers and expatriates residing in South Korea.The Ministry of Justice announced on August 2 that it held an inauguration ceremony for the 'Immigrant Human Rights Violation Investigation Task Force' on July 31 at the Government Complex in Gwacheon, attended by Minister Jeong Seong-ho and national officials.The newly established task force provides a one-stop integrated protection system that covers everything from receiving reports of human rights violations against foreigners to on-site investigations and victim rights restoration.The task force is overseen by the 'Immigrant Human Rights and Rights Team' within the Ministry of Justice's Immigration and Foreign Policy Bureau and consists of 100 dedicated investigators stationed at 43 local immigration offices across the country. It operates as an integrated network with close coordination between the headquarters and local agencies.Moving forward, the task force will carry out comprehensive tasks related to immigrant human rights, including preventing and promoting awareness of human rights violations, inspecting workplaces, preventing and investigating illegal brokers, conducting rapid on-site investigations, and supporting victims' rights restoration. Notably, investigators will respond immediately to reports of human rights violations, investigate the facts on-site, and collaborate with relevant agencies to assist victims in quickly recovering their rights.In light of the recent record heatwaves caused by climate change, the task force will also promptly conduct on-site inspections.The task force will focus on inspecting the conditions of foreign workers and seasonal workers in the agriculture and fisheries sectors, who are particularly vulnerable to heat-related illnesses. It will also conduct preventive education and guidance activities for employers and workers.Accessibility for reporting violations has significantly improved. The Ministry of Justice has established a dedicated reporting number (1) for human rights violations at the Foreign Comprehensive Guidance Center (1345) within the Immigration and Foreign Policy Bureau.Additionally, to accommodate foreigners without domestic phone numbers who may find it difficult to report by phone, a reporting channel through social media has been created. The launch of this task force has streamlined the reporting process, ensuring it connects directly to effective on-site investigations and rights restoration.During the inauguration ceremony, the 100 investigators were presented with 'task force badges,' and a 'human rights protection declaration' was read, emphasizing the commitment to respect immigrant rights and prioritize victims in investigations.Minister Jeong Seong-ho, in his encouraging remarks, stated, "The launch of the Immigrant Human Rights Violation Investigation Task Force is not merely the establishment of a new organization but a strong government commitment to protect immigrant rights and elevate the overall human rights standards in our society. I urge the task force to fulfill its responsible role through a comprehensive protection system from reporting to rights restoration."* This article has been translated by AI. 2026-08-02 15:28:00
  • Asian Artists Shine at the Inaugural 2026 Asia Arts Awards in Shanghai
    Asian Artists Shine at the Inaugural 2026 Asia Arts Awards in Shanghai The inaugural recipients of the '2026 Asia Arts Awards,' which spotlight new possibilities in Asian cultural arts, were announced in Shanghai, China.On July 3, the Asia Cultural Arts Committee awarded the '2026 Asia Arts Awards' to artists Reina Lee, Kim Tae-won, and Cho Sung-ok in Shanghai.The awards were presented by Tak Jong-han, the 28th president of the Korean Association in Shanghai, who celebrated the artistic achievements of the three artists and their contributions to Asian cultural exchange.The 'Asia Arts Awards' recognize artists who promote the diversity and value of Asian art through outstanding creative activities, fostering exchanges and mutual understanding among artists across national and regional boundaries.The evaluation criteria encompass not only the quality of the works but also the artists' unique artistic philosophies, ongoing creative efforts, contributions to international cultural exchange, and their impact on the development of Asian art.The goal is to evolve beyond a simple award ceremony into a prestigious cultural arts platform that discovers capable Asian artists and connects them to the global stage.The first awardees, Reina Lee, Kim Tae-won, and Cho Sung-ok, are artists who have established distinct artistic languages and unique bodies of work.They have been recognized for broadening the exchange base among Asian artists through consistent creative activities and participation in international exhibitions, demonstrating the potential of art to connect people and cultures beyond language and borders.Tak Jong-han stated, "Shanghai is an international city where diverse cultures and arts converge to create new possibilities. I am pleased to present this meaningful award to artists who have contributed to Asian cultural exchange here." He added, "I hope this award serves as an opportunity for artists from Korea, China, and other Asian countries to engage in more active exchanges, and I look forward to the Asia Arts Awards growing into an international cultural arts award." Reina Lee expressed her gratitude, saying, "It is a great honor to be selected as the first recipient of the Asia Arts Awards. Art has the power to connect the hearts of people from different languages and cultural backgrounds." She continued, "I will use this award as a new starting point to incorporate the diverse cultures and emotions of Asia into my work and contribute to creating opportunities for artists from various countries to exchange and grow together." Kim Tae-won remarked, "This award is a warm encouragement for the creative path I have walked so far and a responsibility to present even deeper works in the future. I will actively participate in exchanges where Asian artists can share their experiences and inspirations while continuously exploring my unique artistic world." Cho Sung-ok said, "I am deeply moved to receive this meaningful award in Shanghai, where art communicates beyond borders. I believe that the achievements of an artist are not completed alone but deepen through encounters with those who appreciate and empathize with their work." She added, "I will continue to engage in authentic creative activities, promoting the beauty and value of Korean art and contributing, even in a small way, to expanding cultural exchange in Asia." The Asia Cultural Arts Committee plans to continue the 'Asia Arts Awards' annually starting this year. The committee aims to discover artists who have built unique artistic worlds and contributed to international cultural exchange across Asia, actively introducing the works and artistic philosophies of awardees through exhibitions and international exchange programs.A committee representative stated, "The Asia Arts Awards aim not only to celebrate the achievements of the year but also to discover creators who will lead the future of Asian art and connect them to the world as an international cultural arts platform. The names of Reina Lee, Kim Tae-won, and Cho Sung-ok will be recorded as a meaningful first page in the history of the Asia Arts Awards." * This article has been translated by AI. 2026-08-02 15:20:00
  • KT Estate Accelerates Shift to Comprehensive Real Estate Company
    KT Estate Accelerates Shift to Comprehensive Real Estate Company KT Estate is rapidly transitioning into a comprehensive real estate company. The firm is expanding its business beyond the development of idle land owned by KT to include offices, rentals, and hotels. However, financial burdens remain a challenge. While sales from its development projects are supporting performance, the company’s debt has surpassed 1 trillion won due to the expansion of external assets.According to an audit report disclosed on August 2 by the Financial Supervisory Service, KT Estate's sales revenue from property development reached 141.9 billion won last year, an 81.7% increase from 78.1 billion won the previous year. This surge is attributed to the significant sales from the 'Dunsan Ellip The Central' residential complex being developed on the site of the Daejeon Human Resources Development Center, which has a total sales value of approximately 600 billion won and a sales rate of 98.8% as of the end of March this year.However, the financial burden from business expansion has also increased. Total consolidated debt rose from 679.4 billion won in 2024 to 1.196 trillion won last year. This figure includes short-term borrowings of 323.6 billion won, long-term borrowings of 419.3 billion won, and lease liabilities of 452.9 billion won. This increase is attributed to significant investments in the Magok office and the development of offices in Seongsu and Gangnam.As the scale of operations has grown, so have the associated costs. Consolidated operating expenses increased from 303 billion won in 2021 to 526.3 billion won in 2023, with last year's figure at 518.7 billion won. The growing share of directly owned and operated assets, such as offices and hotels, has led to rising fixed costs, including labor, facility management, and financial expenses. The earnings before interest and taxes (EBIT) margin has decreased from about 60% in 2021 to 24% in the first half of 2025. Although revenue has increased, the pace of cost growth due to asset expansion has outstripped it.Founded in 2010, KT Estate is a real estate specialist within the KT Group, developing idle land such as telephone exchanges and office buildings into residential complexes and offices. Notable projects include the Wonju Gwanseol residential complex and the Daejeon Human Resources Development Center site, with the Daejeon residential project currently driving performance.However, as the core development of idle land nears completion, the growth strategy is shifting. Until 2021, real estate management, sales, and commissioned development accounted for about 65% of total revenue, but recently, the company has been expanding its portfolio to include offices, rental housing, hotels, asset management, and real estate securitization.External investments have also intensified. KT Estate has acquired the Magok Le West City Tower and is pursuing office developments in Seongsu and Gangnam, shifting its growth focus from developing KT-owned land to investing in high-quality external assets.The rental business, a key component of diversification, has also established itself as a stable revenue source. KT Estate operates the corporate rental housing brand 'Remarkville,' generating approximately 180 billion won in annual rental income.This business model goes beyond merely supplying rental housing; it encompasses development and operation, combining furniture, appliances, internet, community facilities, and lifestyle services. However, while there are limits to rent increases, labor and operating costs continue to rise, posing constraints on expanding profitability.The hotel business is also supporting performance. KT Estate operates major hotels in Seoul, including Sofitel, Andaz, and Novotel, benefiting from the recovery in tourism demand.Industry experts believe that KT Estate will continue to achieve stable performance based on its Daejeon residential sales and rental and hotel operations for the time being. However, with the core development of idle land largely completed, the ability of the Magok, Seongsu, and Gangnam office developments to become new growth drivers and the management of increased debt will be critical factors determining its long-term competitiveness.* This article has been translated by AI. 2026-08-02 15:04:00
  • Surge in High-Value Apartment Sales Ahead of Capital Gains Tax Hike
    Surge in High-Value Apartment Sales Ahead of Capital Gains Tax Hike In the months leading up to the government's implementation of a higher capital gains tax, sales of high-end apartments in Seoul surged significantly. This increase was driven by property owners looking to avoid tax burdens, resulting in a record share of transactions exceeding 3 billion won. According to the Ministry of Land, Infrastructure and Transport's real transaction disclosure system, of the 8,779 apartment transactions in Seoul in May (excluding purchases by public institutions and contract cancellations), 2,446 transactions exceeded 1.5 billion won, accounting for 27.9% of the total. This marks the highest proportion recorded this year. The share of transactions over 1.5 billion won had decreased from 21.1% in January to 18.9% in February and 16.6% in March. However, it rebounded to 24.2% in April and nearly reached 28% in May. Transactions of ultra-high-end apartments valued over 3 billion won followed a similar trend, with the number of transactions rising from 156 in March to 442 in April and 514 in May. The share of these transactions also increased, from 4.0% in January and 2.84% in March to 5.11% in April and 5.9% in May, reaching its highest level of the year. Additionally, transactions of apartments valued over 10 billion won also rose, with seven transactions recorded in May, more than doubling the three transactions in April. This trend is attributed to property owners of high-value homes selling their properties to avoid the impending capital gains tax hike and increased property taxes on ultra-high-end homes. Since the government implemented the higher capital gains tax for multiple homeowners on May 10, there has been a concentrated demand from sellers looking to complete transactions before tax burdens increase. Notably, the influx of urgent sales in high-end complexes has attracted buyers despite lending restrictions. The government's temporary suspension of the residency requirement for land transaction permits for non-homeowners and the decision not to apply the higher capital gains tax to applications submitted by May 9 also contributed to the increase in transactions. Conversely, following the implementation of the higher capital gains tax, the market appears to be shifting back toward mid- to low-priced properties. The share of transactions below 1.5 billion won decreased from 83.4% in March to 72.1% in May, but rose again to 76.5% in June. As of July, approximately 82% of reported transactions involve apartments priced below 1.5 billion won. The share of transactions below 900 million won also fell from 55.1% in March to 44.1% in May, but buying interest has since shifted back toward mid- to low-priced apartments. The share of transactions over 3 billion won also dropped to 4.6% in June and has remained at 3.2% so far in July, likely due to demand focusing on mid-priced apartments that allow for mortgage loans of up to 600 million won. Market analysts suggest that the upcoming announcement of tax reform measures this month could lead to an increase in listings of ultra-high-end properties once again. Meanwhile, according to Real Estate 114, the rapid increase in high-value apartments in Seoul has pushed the share of apartments exceeding 1.5 billion won close to 40%. Following the lending restrictions implemented in October of last year, the share of apartments over 1.5 billion won rose from 32.83% to 39.70%, an increase of 6.87 percentage points as of last month. In contrast, the share of apartments priced below 1.5 billion won decreased from 67.17% to 60.30%. In terms of the number of units, the count of apartments priced below 1 billion won fell by 126,204, while the number of apartments exceeding 1.5 billion won increased by 75,547, indicating a spread of high-value apartments even beyond the Gangnam area.* This article has been translated by AI. 2026-08-02 15:00:00
  • Supreme Court Justice Nomination Delayed for Five Months
    Supreme Court Justice Nomination Delayed for Five Months Since the retirement of Justice Noh Tae-ak in March, the position of Supreme Court justice has remained vacant for nearly five months. Chief Justice Cho Hee-dae has delayed the nomination of a successor, while candidates to replace Justice Lee Heung-gu, who will retire on September 7, are set to be selected this week.According to legal sources on August 2, the Supreme Court Justice Candidate Recommendation Committee will meet on August 4 to recommend at least three candidates from a pool of 28 for Chief Justice Cho. Cho will then submit one of the recommended candidates to President Lee Jae-myung for appointment. The nominee will undergo a confirmation hearing in the National Assembly before final appointment.The Supreme Court received nominations for potential justices from May 22 to June 2. Out of 87 candidates (81 judges, 4 lawyers, and 2 professors), 28 (27 judges and 1 professor) agreed to be considered. The Supreme Court also made public the educational background, career history, assets, military service, and criminal records of those who agreed to be reviewed, soliciting public opinion until July 3.The recommendation committee consists of six ex-officio members (including Senior Justice Lee Heung-gu, Minister of Justice Jeong Seong-ho, President of the Korean Bar Association Kim Jeong-wook, President of the Korean Association of Law Professors Choi Bong-kyung, Chair of the Council of Law Schools Hong Dae-sik, and Director of the Court Administration Office Noh Kyung-pil) and four non-ex-officio members. In January, the committee recommended four candidates: Yoon Seong-sik, a senior judge at the Seoul High Court; Kim Min-ki and Park Soon-young, judges at the Seoul High Court; and Son Bong-ki, a senior judge at the Daegu District Court.Judge Kim Min-ki has served since 1997, working at the Seoul Administrative Court, Daejeon District Court, and Seoul High Court, and has also been a research judge at the Supreme Court. Judge Park Soon-young has been a judge since 1996, serving at the Seoul High Court, Daejeon High Court, and as a research judge at the Supreme Court.Judge Son Bong-ki has also served as a research judge at the Supreme Court and has worked as a judge at the Daegu District Court and Ulsan District Court, serving as the head of the Daegu District Court in 2019. Judge Yoon Seong-sik began his career at the Seoul District Court in 1998 and has held key positions, including chief professor at the Judicial Research and Training Institute and chief of the Supreme Court's Administrative Office last year.Typically, a final candidate is recommended to the president within about two weeks after the committee's recommendation, but this year, no candidate has been selected even after six months. The Blue House has designated Judge Kim Min-ki, but Chief Justice Cho is reportedly facing difficulties in recommending another candidate.According to the constitution, Supreme Court justices are appointed by the president upon the recommendation of the Chief Justice and with the consent of the National Assembly. When the two institutions with separate appointment and recommendation powers disagree, the recommendation committee is supposed to mediate by suggesting at least three candidates, but this time it has been criticized for failing to fulfill its role.If the Blue House's wishes are followed, it would be impossible to avoid criticism of abandoning independent recommendation rights. Conversely, if a candidate contrary to the Blue House's preference is pushed through, there is a significant risk that the appointment consent bill could be rejected in the National Assembly, where the ruling party holds a majority, or that the president could refuse the appointment. As a result, the legal community views Chief Justice Cho as being in a difficult position, delaying the recommendation of justices and entering a prolonged standoff.However, there are expectations in the legal community that the Supreme Court may resolve the nomination for both the successor to Justice Noh and Justice Lee simultaneously. Chief Justice Cho may recommend both successors at once, reflecting the preferences of the Blue House for one candidate each.If a successor is not designated by September 7, when Justice Lee retires, the Supreme Court will operate with two vacant justice positions, leading to inevitable delays in processing over 40,000 appeals annually.Last month, after Chief Justice Cho appointed Noh Kyung-pil as the head of the Court Administration Office, speculation arose that the judicial vacancy would not be prolonged, drawing attention to what decision will be made.Various opinions are emerging within the legal community. A lawyer in Seocho-dong remarked, "In fact, this should have been done long ago, but I don't understand why the recommendation committee is being activated at this timing when our judicial system is changing alongside the abolition of the prosecution's supplementary investigation rights." He added, "The case involving President Lee Jae-myung was also remanded before the presidential election, and while he claims otherwise, he is engaging in actions that are easily misunderstood."He continued, "I believe that given the prolonged delay in appointments and the criticism faced, it is possible that both candidates could be re-nominated this time. With the prosecution disappearing and the judiciary also under pressure, I suspect this decision is politically motivated." 2026-08-02 14:52:00