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Rising Home Prices Could Expand Property Tax Base Across Seoul by 2030 As home prices in Seoul continue to rise, a recent analysis suggests that by 2030, properties in non-Gangnam areas could also become subject to the comprehensive real estate tax. According to the analysis, based on the top five price districts in each district, 22 of Seoul's 25 districts, excluding Gangbuk, Geumcheon, and Dobong, are expected to see taxable properties emerge.On September 6, Rep. Shin Dong-wook of the People Power Party revealed a simulation model obtained from KB Kookmin Bank. The model indicates that if Seoul's apartment prices maintain an annual increase of 11%, the number of taxable properties will rise from 78 this year to 101 by 2030.The analysis focused on 125 apartment complexes with a standard size of 34 pyeong across the top five districts in Seoul's 25 autonomous districts.The findings show that even in districts like Gwanak, Nowon, and Jungnang, which currently do not pay the comprehensive real estate tax, taxable properties are expected to appear by 2030. Of the 47 currently exempt properties, 23 are projected to become taxable, including four in Gangseo, four in Gwanak, four in Eunpyeong, three in Seongbuk, two in Jongno, and one each in Nowon and Jungnang.If the upward trend in home prices continues, the comprehensive real estate tax will shift from being limited to high-end apartments in Gangnam to encompassing major complexes across most of Seoul.The number of taxable properties is expected to temporarily decrease following the tax reform, but will rise again as home prices accumulate. The number of non-residential taxable properties is projected to drop from 78 this year to 68 in 2027, before increasing to 82 in 2028, 94 in 2029, and 101 in 2030.The increase in tax burden is expected to be significant. The total tax amount for all 125 complexes is estimated to rise from 58.9 billion won this year to 526.2 billion won by 2030 under non-residential criteria, an increase of 8.9 times. Under residential criteria, it is expected to grow to 334.7 billion won, a 5.7-fold increase.On average, the comprehensive real estate tax per unit is projected to jump from 951,338 won this year to 8,428,401 won by 2030 under non-residential criteria, and to 5,549,778 won under residential criteria.Notably, the increase is particularly pronounced in non-Gangnam areas, where the total tax burden for major complexes in Eunpyeong, Guro, Seongbuk, Gangseo, Dongdaemun, Gwanak, Nowon, and Jungnang is expected to rise from approximately 720,000 won this year to about 40.58 million won by 2030 under non-residential criteria, a staggering 56.6-fold increase.Even if the rate of increase in home prices slows to 5.5% annually, which is half of the recent year's rate, the tax burden is still expected to grow. In this scenario, the number of taxable properties under non-residential criteria is projected to be 82 across 19 districts, with four new taxable properties all located in Gangseo.The total tax amount is estimated to reach 292.6 billion won under non-residential criteria by 2030, approximately five times this year's amount, and 171.9 billion won under residential criteria, a 2.9-fold increase.This simulation incorporates the government's tax reform proposals and amendments. Starting in 2027, the basic exemption will be set at 1.4 billion won for residential properties and 1.2 billion won for non-residential properties, with the fair market value ratio and tax burden cap set at 70% and 150%, respectively.* This article has been translated by AI. 2026-09-06 15:32:00 -
Controversy Surrounds Kim Seung-won; He Will Address Allegations on September 7 As allegations surrounding Kim Seung-won, the nominee for Minister of Justice, continue to grow, he is set to address these issues directly on September 7.According to Kim's confirmation hearing preparation team, he will arrive at the preparation office in the Jeoksun Hyundai Building in Jongno, Seoul, at 9:30 a.m. on September 7, where he will hold a Q&A session with reporters.This will be Kim's first opportunity to officially respond to the various allegations that have emerged since he began working at the preparation office on September 3. Despite the mounting concerns, he has not publicly addressed the issues until now.Kim is facing accusations that he pressured the head of the Ministry of Food and Drug Safety to expedite the approval of clinical trials for a COVID-19 treatment developed by Genensel, at the request of a broker known as Yang, who refers to him as 'oppa' (older brother). Additionally, the opposition party has raised concerns that salaries for Kim's wife and children, who operate the Korea Child Development Social Cooperative, are funded by taxpayer money.Meanwhile, the preparation team released a statement regarding the allegations of pressuring for clinical trial approvals, asserting that Kim's request to the Ministry of Food and Drug Safety was for a status check and report, not for approval.In response to a recording released by independent lawmaker Han Dong-hoon, which raised related allegations, the team claimed, "The recording was edited to misrepresent a request for confirmation as pressure for approval," adding that there was no demand for unconditional approval, relaxation of review standards, or procedural shortcuts in the recording.* This article has been translated by AI. 2026-09-06 15:28:00
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MC Mong Apologizes to Kim Min-jong, Admits Mentioning Him Was Wrong Singer MC Mong has apologized to Kim Min-jong.According to the music industry on September 6, MC Mong revealed during a live broadcast the previous day that he met with Kim Min-jong to offer his apology.During the broadcast, he stated, “I sincerely apologize for causing misunderstandings about Min-jong. Mentioning Kim Min-jong was my mistake.”He added, “We resolved the misunderstanding regarding Kim Min-jong’s gambling allegations today, and he warmly embraced me.”Kim Min-jong is reported to have accepted MC Mong's apology. A representative for Kim Min-jong said, “We accepted the belated apology from a junior who recognized his mistake and bowed his head first. We extended our hand to someone who came to reflect on his wrongdoing.”Earlier, in May, MC Mong claimed during a live broadcast that there was an illegal gambling group involving celebrities, mentioning Kim Min-jong. Kim Min-jong immediately denied the allegations.On September 1, Kim Min-jong filed a police complaint against MC Mong for defamation due to the dissemination of false information.* This article has been translated by AI. 2026-09-06 15:24:00
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Gwachon Urban Corporation Promotes Safe Growth Environment for Youth Gwachon Urban Corporation has engaged in a prevention campaign aimed at fostering a healthy growth environment for youth and ensuring community safety. According to the corporation, on September 1, it participated in a public relay campaign with the Gwachon Youth Foundation to promote youth protection and a healthy social culture. The campaign was conducted in a sequential manner, with public institutions participating to raise awareness about harmful environments surrounding youth and the importance of prevention. The 'No Weak Challenge' aims to highlight the risks of drug crimes and substance abuse targeting youth, which have recently emerged as serious social issues, and to spread social interest and action for prevention through the participation of local public enterprises and other institutions. The corporation joined this initiative after being nominated by the Gwangju Urban Management Corporation, which had previously participated in the campaign. Notably, the campaign was conducted in collaboration with the Gwachon Youth Foundation, emphasizing the importance of cooperation among community organizations for youth protection. Kang Shin, the president of the corporation, along with Park Young-mi, the CEO of the Gwachon Youth Foundation, and employees from both organizations, held placards conveying the campaign's message, reaffirming their commitment to youth protection and prevention activities. Citizens observing the event also expressed a shared sentiment regarding the need for ongoing community interest in youth protection. One citizen stated, "It is important for adults to take an interest in ensuring that youth can grow up in a safe environment. I hope this campaign continues consistently rather than being a one-time event." Another citizen remarked, "Youth issues cannot be resolved by the efforts of specific institutions alone; families, schools, and the community must all take an interest. It feels meaningful to see public institutions and youth-related organizations working together on prevention activities." Meanwhile, President Kang emphasized, "The involvement and participation of the entire community are necessary to create an environment where youth can grow up safely and healthily." He added, "We will continue to actively participate in public interest activities for the safety and health of the community in close cooperation with relevant organizations."* This article has been translated by AI. 2026-09-06 15:16:10
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Gwachon Urban Corporation Promotes Safe Growth Environment for Youth Gwachon Urban Corporation has engaged in a prevention campaign aimed at fostering a healthy growth environment for youth and ensuring community safety. According to the corporation, on September 1, it participated in a public relay campaign with the Gwachon Youth Foundation to promote youth protection and a healthy social culture. The campaign was conducted in a sequential manner, involving public institutions to raise awareness about harmful environments surrounding youth and the importance of prevention. The 'No Weak Challenge' aims to highlight the risks of drug crimes and substance abuse targeting youth, which have recently emerged as serious social issues, and to spread social interest and action for prevention through the participation of public institutions, including local public enterprises. The corporation joined this initiative after being nominated by the Gwangju Urban Management Corporation, which had previously participated in the campaign. Notably, the campaign was conducted in collaboration with the Gwachon Youth Foundation, emphasizing the importance of cooperation among community organizations for youth protection. Kang Shin, the president of the corporation, and Park Young-mi, the CEO of the Gwachon Youth Foundation, along with staff from both organizations, held placards conveying the campaign's message, reaffirming their commitment to youth protection and prevention activities. Citizens observing the event also expressed a shared sentiment regarding the need for ongoing community interest in youth protection. One citizen stated, “It is important for adults to take an interest in ensuring that youth can grow up in a safe environment. I hope this campaign continues consistently rather than being a one-time event.” Another citizen remarked, “Youth issues cannot be resolved by the efforts of specific institutions alone; families, schools, and the community must all take an interest. It is meaningful to see public institutions and youth-related organizations working together on prevention activities.” Meanwhile, President Kang emphasized, “The involvement and participation of the entire community are necessary to create an environment where youth can grow up safely and healthily.” He added, “We will continue to actively participate in public interest activities for the safety and health of the community in close cooperation with relevant organizations.”* This article has been translated by AI. 2026-09-06 15:16:00
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High-End Monthly Rent Expands Beyond Gangnam to Seongdong and Gwangjin As rental transactions for apartments in Seoul have contracted, the proportion of monthly rents has surpassed half. Demand for high-end monthly rentals, which was previously concentrated in Gangnam and Yongsan, is now spreading to luxury new constructions along the Han River in Seongdong and Gwangjin, indicating a shift in the landscape of Seoul's high-end rental market.According to the Ministry of Land, Infrastructure and Transport's real transaction disclosure system, from January to September 5 of this year, a total of 80,588 rental transactions for apartments in Seoul were recorded. Among these, monthly rent transactions accounted for 44,544 cases, making up 56.3% of all rental agreements.Overall rental transactions have decreased by 19.3% compared to the same period last year (99,820 transactions). In contrast, monthly rent transactions have only decreased by 2.1% from last year's 46,405 cases, showing a relatively stable trend. Despite a significant contraction in rental transactions, the decline in monthly rent transactions has been limited, indicating a continued focus on monthly rental agreements.In the high-end rental market, the range of transaction locations is expanding. As of today, there have been 172 monthly rental contracts in Seoul exceeding 10 million won. While transactions were traditionally concentrated in upscale residential areas like Yongsan, Seocho, and Gangnam, double-digit transactions are now also emerging in Seongdong and Gwangjin, indicating the expansion of high-end rental areas along the Han River.By district, Yongsan recorded the highest number of transactions at 59, followed by Seocho with 35, Gangnam with 28, and Seongdong with 24. Gwangjin had 14 transactions, while Yeongdeungpo had 4, Jongno had 3, Songpa had 2, Seodaemun had 2, and Mapo had 1.Notably, Gwangjin has seen a surge in high-end monthly rental transactions, increasing from just 1 last year to 14 this year, despite an overall contraction in rental transactions. This growth is attributed to the influx of residents into new luxury developments along the Han River, leading to the formation of a new high-end rental market.Of the 14 monthly rental transactions exceeding 10 million won in Gwangjin this year, 13 were from Poseidon's Han River. A 216-square-meter unit at Poseidon's Han River was contracted in July for a deposit of 500 million won and a monthly rent of 25 million won.Seongdong has also seen a series of high-end rental transactions. A 200-square-meter unit at Acro Seoul Forest was contracted in June for a deposit of 500 million won and a monthly rent of 32 to 32.5 million won, while a 136-square-meter unit at Trimage was rented for a deposit of 200 million won and a monthly rent of 19.5 million won.The recent influx of luxury new apartments along the Han River has broadened the options for high-income renters beyond Gangnam and Yongsan. The value of residential products, including upscale communities and river views, is becoming a key factor influencing choices in the high-end rental market.Ko Jong-wan, director of the Korea Asset Management Institute, stated, "The value of residential products, including new constructions, community amenities, and landscaping, is becoming increasingly important. The premium that buildings provide is also reflected in the pricing."The upward trend in monthly rental prices across Seoul continues. Monthly rental prices for apartments in Seoul rose by 1.15% in June and by 1.22% in July. The cumulative increase for the year stands at 5.73%. While overall rental transactions are declining, the relatively stable demand for monthly rentals is contributing to the continued rise in monthly rental prices.* This article has been translated by AI. 2026-09-06 15:12:00
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KDRT Releases Video of Rescued Chinese National Amid Ongoing Search for Missing Koreans The Korea Disaster Relief Team (KDRT) released a video on September 6 showing the moment a Chinese survivor was found in Nepal, ten days after the devastating floods.According to the Ministry of Foreign Affairs, KDRT discovered and rescued the Chinese man on September 5 inside a tunnel at a hydropower plant in Nepal.The man had been trapped since the floods struck the Himalayan region near the Nepal-China border on August 26, and he was located in the Upper Trishuli (UT)-1 hydropower plant construction site in the central-northern Bagmati Province.KDRT is also conducting search operations for nine missing South Koreans. The area where the Chinese man was found is close to where the South Koreans disappeared.In addition, KDRT is utilizing helicopters and drones for the search efforts. A KDRT official stated, "One additional team member who can speak English will be deployed for further searches inside the tunnel today," adding that the Nepalese military expressed gratitude for KDRT's efforts after the tunnel rescue and search operation concluded yesterday.Meanwhile, the floods have resulted in 1,375 confirmed deaths, with 5,531 individuals reported missing. As search operations continue, the number of casualties is expected to rise. 2026-09-06 15:04:00
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'Busan sickness' fuels Taiwan travel boom to Busan SEOUL, September 06 (AJP) - Flights between Busan and Taiwan have surged this year as a growing number of Taiwanese travelers visit South Korea’s southern port city, fueled by expanding direct routes and strong demand. A total of 6,609 flights operated between Busan and Taiwan through July, already matching the full-year total for 2024 and reaching 82.9 percent of the 7,976 flights recorded in all of 2025, according to aviation statistics from Korea Airports Corp. Passenger traffic has grown even faster. Some 1.14 million passengers traveled on Busan-Taiwan routes during the first seven months of this year, surpassing the 1.06 million recorded in all of 2024. The full-year figure for 2025 stood at 1.33 million. Airlines have responded by adding flights and launching new services. Taiwanese carriers including EVA Air and Starlux Airlines have expanded their presence, while South Korean carriers have also increased frequencies. Nine airlines currently operate between Busan and Taiwan Taoyuan International Airport near Taipei, while direct services also connect Busan with Kaohsiung and Taichung. Most flights between Busan and Taiwan are reported to have load factors of more than 80 percent. The popularity of Busan has even spawned a new expression on Taiwanese social media, “Busan sickness,” referring to travelers who miss the city after returning home and feel compelled to visit again. Taiwanese travelers were the largest group of foreign visitors to Busan this year. Of the 2.93 million foreign tourists who visited the city through July, about 605,000 were from Taiwan. Busan’s food, combination of mountains and sea, ease of travel and growing network of direct flights are among the factors credited with attracting Taiwanese visitors. Rising demand from Taiwanese travelers has led airlines to expand direct services, further boosting Busan's appeal as a destination. “With no restrictions on traffic rights, it is relatively easy for airlines to launch routes or add flights, and the greater choice of direct services appears to have attracted even more Taiwanese travelers,” an aviation industry official said. Tourism authorities are also stepping up promotions, with Busan targeting repeat Taiwanese visitors through its “Busan sickness” campaign and Taiwan holding a roadshow in Busan last month to attract more South Korean travelers. AJP Takeaways - Busan-Taiwan passenger traffic topped 1.14 million through July. - Airlines are adding direct flights as demand and load factors remain high. - “Busan sickness” reflects strong Taiwanese interest in revisiting Busan. 2026-09-06 15:02:44 -
Extension of Financial Contributions for Low-Income Support Raises Long-Term Costs for Banks The obligation for financial companies to contribute to low-income finance has been extended for another 10 years, leading to a prolonged cost burden for the banking sector. Concerns are growing that the increasing demand for debt adjustment among vulnerable borrowers utilizing policy low-income finance may further strain financial institutions.According to financial authorities and the National Assembly, a bill extending the obligation for financial companies to contribute to the Korea Financial Services Agency was passed during a full meeting of the National Assembly's Political Affairs Committee on September 3. If the bill passes the National Assembly's plenary session, the contribution obligation will be extended until October 8, 2036.As a result, the financial sector's contribution burden will continue for the foreseeable future. Financial institutions are already shouldering a significant amount of contributions to secure resources for policy low-income finance. According to data submitted by the Korea Financial Services Agency to Park Seong-hoon, a member of the National Assembly from the People Power Party, financial companies contributed a total of 1.4797 trillion won to the agency from 2022 to June of this year.Breaking it down by year, contributions were 229.6 billion won in 2022, 274.1 billion won in 2023, and 302.8 billion won in 2024, showing a steady increase. Last year, contributions reached a record high of 439.6 billion won, and in the first half of this year, they exceeded half of last year's total, amounting to 239.3 billion won.This year, the contribution rate for financial institutions has also increased, adding to their burden. Following a revision of the enforcement decree in April, the common contribution rate applied to household loan balances was raised from 0.06% to 0.1% for banks and from 0.03% to 0.045% for non-bank institutions. Since the contributions are calculated based on a percentage of household loan balances, financial institutions will have to pay more even if the loan amounts remain the same. With the extension of the contribution obligation and the increase in rates, the financial sector's cost burden has grown significantly.The household loan balances, which form the basis for calculating contributions, are also on the rise. As of the end of August, the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) reported household loan balances of 782.1192 trillion won, an increase of 3.1401 trillion won from the previous month.However, there are growing concerns about the financial instability of vulnerable borrowers utilizing policy low-income finance. As of June, the subrogation rates were 29.0% for the Sunshine Loan 15, 33.7% for the Special Guarantee for Low-Credit Borrowers, 18.7% for the Sunshine Loan Bank, and 22.9% for the Sunshine Loan Card. This indicates a cycle where guarantee institutions pay on behalf of borrowers who cannot repay their loans, leading financial institutions to seek additional funds to cover these losses.The overall demand for debt adjustment among vulnerable borrowers is also increasing. The number of individuals confirmed for rapid debt adjustment, pre-debt adjustment, and personal workouts by the Credit Recovery Commission rose from 121,095 in 2022 to 189,062 last year, marking a 56.1% increase over three years. In the first half of this year, 97,199 individuals also confirmed debt adjustments. As the repayment burden on vulnerable borrowers grows, the demand for policy low-income finance and the need for stable resource acquisition are also increasing.A financial sector official stated, "Financial companies essentially view the contributions to low-income finance as a long-term fixed cost. While there is agreement on the necessity of supporting low-income finance, the ongoing financial burden is significant for these institutions." 2026-09-06 15:00:20
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Korea's KDB Future Strategy Institute Highlights Consideration of Korea Zinc in Rare Earth Supply Chain As global competition intensifies over rare earth supply chains, a national policy bank in South Korea has emphasized the need to leverage the country's advanced non-ferrous metal refining technology to establish a rare earth supply chain. Korea Zinc has emerged as a key example of utilizing this refining technology for urban mining and critical mineral supply chain development.According to industry sources on September 6, the Korea Development Bank (KDB) Future Strategy Institute stated in its report titled 'Trends in Global Rare Earth Supply Chain Restructuring' that as certain countries tighten their rare earth export controls, refining technology and urban mining could provide a pathway for South Korea. The report highlights the strong technical link between urban mining and the extensive refining expertise and large-scale chemical processing technology accumulated in the non-ferrous metal industry.Rare earth elements are essential strategic resources used in electric vehicles, offshore wind power, and advanced weapon systems such as missiles and fighter jets. Demand for rare earths is particularly concentrated in permanent magnets, with medium rare earths used in high-performance neodymium magnets being crucial in high-tech industries and defense sectors.The KDB Future Strategy Institute identified 'advanced refining technology' and 'position as a demand source' as key competitive advantages that South Korea can leverage in the restructuring of its supply chain, given its lack of domestic rare earth resources.South Korea possesses advanced refining technology and large-scale chemical process control capabilities accumulated through its non-ferrous metal industry. The report noted that recycling rare earths from urban mining has a high degree of technical connectivity with existing non-ferrous metal refining know-how and environmental processing infrastructure held by domestic companies.Korea Zinc was highlighted as a representative company in this context. The institute stated, "Korea Zinc is actively working to secure a core partner position within the U.S.-led supply chain by developing rare earth recycling projects in the United States. It is also pursuing the establishment of a recycling plant to extract rare earths from waste permanent magnets and an integrated refining facility (Project Crucible) that produces 11 critical minerals in the U.S."Building on its world-class non-ferrous metal refining competitiveness, Korea Zinc has continuously advanced its technology for recovering valuable metals from byproducts generated during the zinc and lead refining processes, as well as various secondary raw materials. Since the appointment of Chairman Choi Yoon-beom in 2022, the company has been actively promoting the 'Troika Drive,' focusing on renewable energy, secondary battery materials, and resource recycling, thereby expanding its resource recycling business utilizing secondary raw materials such as electronic waste.Additionally, Korea Zinc is collaborating with the U.S. government and others to advance the construction of a large-scale integrated refining facility, Project Crucible, in Clarksville, Tennessee.Korea Zinc is also accelerating its rare earth initiatives. From April this year until December 2030, the company is undertaking a project to develop core equipment for rare earth processing K-plants with support from the Ministry of Science and ICT. Prior to this, it developed technology to recover rare earth mixtures from waste motors, further enhancing its capabilities in rare earth separation and purification based on recycling technology.A representative from Korea Zinc stated, "Based on decades of accumulated refining, recovery, and resource recycling technology, Korea Zinc will contribute to stabilizing the domestic critical mineral supply chain and will work to build a reliable critical mineral supply chain in cooperation with allied countries, including the United States."Meanwhile, Korea Zinc will hold an extraordinary shareholders' meeting on September 9 to elect four independent auditors and one independent director. Amid a management dispute between Chairman Choi Yoon-beom and MBK Partners and Youngpoong, the outcome is expected to hinge on the votes of institutional, foreign, and minority shareholders regarding the continuation of Project Crucible and enhancing corporate value.* This article has been translated by AI. 2026-09-06 14:56:00