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Government Housing Policy Shifts Focus to Seoul and Surrounding Areas The South Korean government's housing policy is increasingly focused on Seoul and the surrounding metropolitan area. Following the August 13 measures, which announced plans to supply over 230,000 additional homes in the capital region, discussions are underway regarding the use of some land in Yongsan Park for housing development. In contrast, the situation in regional markets varies significantly, yet the government continues to apply a one-size-fits-all approach aimed at resolving unsold homes.According to the Ministry of Land, Infrastructure and Transport, the government is concentrating its policy efforts on accelerating supply by securing new public land in the metropolitan area, expediting construction projects, and providing financial support.In the provinces, measures such as expanding the purchase of unsold homes after completion and offering tax and financial support are being implemented. However, these initiatives are largely applied under the broad category of 'regional unsold homes,' leading to calls for more tailored responses that consider local market conditions. The circumstances differ greatly between areas with accumulating unsold homes, those with decreasing inventory, and regions with almost no unsold properties.As of the end of June, there were 29,786 unsold homes nationwide, with approximately 84% located in provincial areas. Regions like Chungcheongnam-do and Gyeongsangbuk-do are experiencing a 'congested market' due to overlapping new supply and existing inventory, while Daegu and Gyeongsangnam-do still have high levels of inventory but are seeing a decline. In Sejong, the total number of unsold homes is just 43. Although the overall unsold homes in Busan have decreased, the number of unsold homes after completion has actually increased, complicating market assessments based solely on inventory levels.A real estate industry insider stated, "The treatment for regions like Busan, which face significant burdens from unsold homes after completion, cannot be the same as for Sejong, where unsold home issues are minimal. Policies need to be more nuanced to reflect the market conditions in each region."Experts advise that the intensity of support should vary based on the level of risk associated with unsold homes. Areas with increasing unsold homes should receive priority for liquidity support, while regions facing greater risks should see enhanced measures such as tax incentives or public purchases.Conversely, uniformly restricting new permits and construction in areas where unsold homes are being absorbed could lead to a supply gap in the coming years once the current unsold home issues are resolved.Hwang Kwan-seok, a senior researcher at the Korea Research Institute for Human Settlements, emphasized the need to support suppliers with liquidity assistance during the initial stages of concern, and to escalate responses to include demand support and unsold home purchases as risks increase.It has also been pointed out that addressing unsold homes is merely a measure to manage existing housing inventory and does not create new housing demand. In a situation where the population is declining, simply increasing tax reductions or home purchases will not generate sustainable demand.Shin Yong-sang, a senior researcher at the Korea Financial Research Institute, stated, "Revitalizing the regional real estate market ultimately requires developing key cities in each region to enhance infrastructure such as transportation, hospitals, and education, as well as fostering specialized industries to create jobs."There are also concerns about the public sector uniformly absorbing unsold homes. If the resolution of unsold homes relies on public purchases without price adjustments or improvements in project viability by construction companies, it could weaken market functions.Cho Jeong-hun, chair of the Land and Housing Committee at the Citizens' Coalition for Economic Justice, remarked, "If the public takes on unsold homes, the market's price adjustment mechanism, which helps alleviate inventory, may not function properly. The government should consider reverse auction methods, where it buys at the lowest prices proposed by developers after determining the purchase volume."* This article has been translated by AI. 2026-08-24 15:56:10 -
AI Revolutionizes Game Development, Empowering Users as Creators Generative artificial intelligence (AI) is lowering the barriers to game development, ushering in an era where players can create and enjoy their own games. The rapid spread of 'Vibe Coding,' which uses AI to write code, is driving this change. Agile game companies are developing platforms that allow users to create games based on their intellectual property (IP).According to the gaming industry on August 24, Nexon’s blockchain subsidiary Nexspace and other domestic game companies are working to establish an AI game ecosystem. They are providing an environment where users can create games using generative AI and connecting this to existing game IPs and distribution platforms.The rise of AI games is transforming the structure of participation in the gaming market. Unlike the traditional model where developers and users had distinct roles, AI enables users to engage in game creation, sharing, and distribution.Nexters launched an AI game specialty section called 'AI Games' on One Store in August, allowing users to distribute games they created with AI to other users. The company envisions a new platform that connects AI game creation with One Store distribution and payment.Jang Hyun-guk, CEO of Nexters, predicts that the spread of AI games will lead to the emergence of a new gaming market. He believes that AI can change not only the efficiency of development by reducing time and costs but also the very nature of who creates games and how they are consumed.“As game development becomes easier and more accessible to users, the number of games will continue to increase. AI will further accelerate this trend,” Jang said. He added, “While the popularity of existing IP games will remain, a new market will emerge where users can play the games they create themselves.”Changes are also occurring in the production methods of professional developers. Song Jae-kyung, an advisor at Nexters and a developer of 'Lineage,' is working on an 'Open MMO' project that utilizes generative AI to develop a massively multiplayer online role-playing game (MMORPG) single-handedly.Nexspace is experimenting with expanding the use of long-standing game IPs through AI. They are opening up official assets of their flagship IP, 'MapleStory,' to support new game creation by users. To facilitate this, they are hosting the AI-based Vibe Coding game development competition, 'MapleStory Vibe Camp.' This initiative aims to extend the IP into a creative ecosystem by encouraging users to create content using existing IP rather than just releasing new sequels.This effort is a continuation of Nexspace's established blockchain game ecosystem. Despite a slowdown in enthusiasm for blockchain projects among major game companies, Nexspace has focused on player experience and user-to-user transactions through the MapleStory universe, rather than short-term token prices or rewards. The structure allows characters and items acquired during gameplay to lead to new experiences for other users.The MapleStory universe emphasizes player experience and transactions over short-term token prices or rewards. The assets created by users during gameplay, such as characters and items, contribute to new experiences for other players. According to Vibe Camp, 693 games based on the MapleStory universe IP have been created, with 435 passing review and being serviced. The variety of genres, including RTS, TCG, and idle RPGs, shows that user creations are leading to actual game supply.By incorporating AI-based game development, the scope of MapleStory IP utilization is expanding into the creative domain. Previously, users played games and traded assets; now, they are also creating new games and content.Global AI companies are also paying attention to game development using generative AI. OpenAI is set to hold 'OpenAI Game Builders Seoul' on the 31st, testing the potential for game development using the coding agent 'Codex.' Participants will create games with Codex and integrate them with Com2us's game backend platform, 'Hive,' applying features necessary for actual release and operation.The industry believes that for AI games to establish themselves as a new market, it is essential to lower the barriers to game production and create a distribution structure that connects user-created games to other users. Jang emphasized, “We need to make it easier to create and distribute games, and we must build that structure ourselves.”* This article has been translated by AI. 2026-08-24 15:56:00
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KAMCO Moves to Issue 50 Billion Won in Asset-Backed Securities for Troubled Mortgages The Korea Asset Management Corporation (KAMCO) is set to issue 50 billion won in asset-backed securities (ABS) based on troubled housing loans held by financial institutions. This marks the first time KAMCO has sought to securitize only troubled mortgages. While the specific structure for bond acquisition and risk sharing has yet to be determined, this move is seen as an attempt to expand beyond its traditional reliance on internal funds for acquiring non-performing loans.According to financial industry sources, KAMCO has recently initiated the process of selecting a lead manager for the ABS issuance backed by troubled housing loans. Proposals will be accepted until August 31, with a preferred negotiation partner to be selected on September 3, followed by discussions on terms before finalizing the lead manager later that month. The issuance will be conducted privately.Historically, KAMCO has primarily used its own resources to directly acquire non-performing loans from financial institutions or to establish separate funds. This time, however, it aims to attract institutional investors by issuing ABS based on troubled mortgages as underlying assets.However, it remains unclear whether KAMCO or a specialized purpose company (SPC) will acquire the troubled mortgages, and whether KAMCO will directly purchase senior or junior ABS or provide separate credit enhancements. The proportion of private investor participation and the final burden of losses will also be determined after the lead manager is selected.KAMCO's choice to focus on troubled mortgages as its first target for diversifying acquisition structures is likely influenced by the relative predictability of recovery amounts due to the collateral involved. Unlike unsecured delinquent loans, mortgages allow for cash flow estimates based on the collateral value of the property and anticipated disposal proceeds. This structure also makes it relatively easier to attract institutional investors by segmenting ABS into senior and junior tranches based on risk.There is also a growing demand in the financial sector for the sale of non-performing loans. In the second quarter of this year, the four major financial groups sold 12.492 trillion won in non-performing loans, a 17% increase compared to the same period last year. While this figure is not limited to mortgages, it indicates a broader trend of increasing asset sales for soundness management across the financial sector.KAMCO's financial burden is also increasing. As of the end of last year, KAMCO's total debt reached 12.735 trillion won, a 27% increase from the previous year. During the same period, its debt ratio rose from 213.73% to 234.28%, an increase of 20.55 percentage points. If the demand for non-performing loan sales in the financial sector continues to grow, KAMCO may need to utilize private funds rather than relying solely on its own resources and corporate bond issuance.Typically, the securitization of non-performing loans involves an SPC acquiring the loans from financial institutions and then issuing ABS based on those loans. Investors purchase the ABS and recover their investments through debtor repayments or collateral disposal proceeds. KAMCO is also considering taking on asset management tasks such as debt recovery and post-management.The extent to which this securitization will reduce KAMCO's actual financial burden will depend on the final structure. If KAMCO takes on junior ABS or bears loss risks, the effect of risk transfer may be limited even with private fund participation. Conversely, if the proportion of private investor acquisition increases, KAMCO could enhance its capacity to manage non-performing loans compared to direct purchases using its own resources.Given that troubled mortgages are the underlying assets, debtor protection measures are also a concern. There may be conflicts between collateral disposal for investment recovery and the stability of the debtor's housing. Specific asset management methods, including debt restructuring and collateral execution criteria, will be finalized alongside the securitization structure after the lead manager is selected. 2026-08-24 15:56:00
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Controversy Erupts Over Indictment of Former National Intelligence Official The second special prosecutor team, led by Kwon Chang-young, has sparked controversy by indicting Hong Jang-won, a former first deputy director of the National Intelligence Service (NIS), who previously acted as a whistleblower following the martial law declared on December 3. This decision diverges from the findings of the special prosecutor team investigating the martial law allegations, led by Jo Eun-seok, and is expected to play a significant role in evaluating the overall results of the special prosecutor's investigation based on future court rulings.According to legal sources on August 24, the special prosecutor's office indicted Hong on August 19 for his involvement in important duties related to insurrection and violations of the National Intelligence Service Act (abuse of power).Hong is accused of establishing contact points with the Military Counterintelligence Command and the National Police Agency regarding the martial law, as well as directing personnel dispatch to the police agency's situation room. He is also charged with explaining messages justifying the martial law to foreign intelligence agencies in South Korea and gathering domestic and international reactions to the martial law.Previously, Hong provided crucial testimony during the impeachment trial and investigation of former President Yoon Suk-yeol after the martial law was declared. He revealed that he was instructed by Yoon to “arrest them all” and reported this to Jo, who allegedly ignored the information.In a briefing on the investigation results, Special Prosecutor Kwon stated, “It is up to the court to determine how much to consider the contributions made in cooperating with the investigation and trial. The investigative agency does not make that decision,” adding, “We have secured a substantial amount of physical evidence related to the NIS case. We cannot avoid prosecution for this crime.”However, the special prosecutor's decision to indict Hong while concluding that there was no organized involvement by the NIS is expected to draw significant criticism from civil society.On August 19, Democratic Party lawmaker Yoon Geon-young raised suspicions that the NIS drafted a document in September 2024 regarding the potential exercise of counterintelligence authority during martial law and created another document in December of that year outlining the roles of various departments within the NIS following the declaration of martial law.The National Intelligence Service Monitoring Network, composed of the Lawyers for a Democratic Society and the People's Solidarity for Participatory Democracy, issued a statement the same day, urging a thorough investigation into the NIS's organized involvement and accountability for those involved, emphasizing that the special prosecutor's investigation is set to conclude on August 23, and any incomplete investigations should be continued by the National Investigation Agency.Additionally, the indictment of former Army Capital Defense Command's 1st Guard Brigade commander Cho Sang-hyun, who received a commendation for instructing troops not to cross the Seogang Bridge during the martial law, contradicts the findings of the special prosecutor's investigation. The special prosecutor's office believes that Cho was involved in the insurrection by receiving orders from former Capital Defense Command chief Lee Jin-woo to “remove the lawmakers” and by supporting the Army Special Warfare Command troops.Special Prosecutor Kim Jung-min explained, “The instruction not to cross the Seogang Bridge was exaggerated, and there was a clear directive to remove personnel from the National Assembly. While it was said that he diluted the orders from Commander Lee Jin-woo, the actions were fundamentally similar.” He added, “Although there was merit in accurately stating the illegal orders during the impeachment trial of former President Yoon, we determined that this did not warrant a suspension of prosecution.”Park Chan-woon, a professor at Hanyang University Law School and a former member of the National Human Rights Commission, expressed on Facebook on August 20 that he does not definitively believe the indictment itself was wrong, but he cannot help but express concern based on the facts known so far. He questioned whether there was a necessity to indict the two individuals for insurrection, suggesting that if there is no compelling reason to punish them, the initial special prosecutor's judgment, which did not pursue charges, may have been more appropriate.* This article has been translated by AI. 2026-08-24 15:52:20
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Fashion and wellness unite in Seoul The "2026 Beautiful Life in Seoul (BLS)" event is underway at Dongdaemun Design Plaza (DDP) in Jung-gu, Seoul, Aug. 24, 2026. Centered around Seoul Beauty Week, the event brings together fashion, wellness, design, entertainment and local commercial district content, featuring hands-on programs for citizens and tourists (B2C) as well as business programs for buyers (B2B). The event runs through Aug. 25. AJP Yoo Na-hyun 2026-08-24 15:48:40 -
National Assembly Debates Special Activity Funds Amid Transparency Concerns On August 24, the National Assembly engaged in a comprehensive review of the 2025 fiscal year budget, sparking a debate over the Blue House's special activity funds. Kang Hoon-sik, head of the Presidential Secretariat, stated that it is "difficult to transparently disclose" the details of these funds. The People Power Party criticized the Democratic Party for previously demanding the disclosure of special activity fund details while in opposition, asserting that the current administration's responses remain evasive.The Budget and Settlement Committee held a full meeting to conduct a policy inquiry. In response to a query from People Power Party lawmaker Im I-ja, who pointed out the lack of documentation regarding the execution of special activity funds, Kang remarked, "This information is already available on the Blue House website. You can refer to that material."The People Power Party is currently demanding the submission of special activity fund details from the Presidential Office, the National Security Office, and three special investigation teams. Kang added, "The principles of finance are openness and transparency. I believe that all finances should be transparently disclosed according to those standards," but reiterated that it is challenging to provide transparency regarding special activity funds. When asked if expenses for President Lee's personal golf meetings were covered by these funds, he stated, "That is a personal schedule of the president, and it is not something I can comment on."In response, Im criticized, "Whether in the ruling or opposition party, the Blue House always responds with evasion regardless of the change in administration. This has not changed," suggesting that this practice needs to be addressed.Previously, the People Power Party indicated that it would verify the appropriateness of the current administration's fiscal expansion policies during the review of the 2025 fiscal year budget. They also plan to focus on scrutinizing the details of special activity fund usage and the budget related to the Blue House's relocation. A key issue is the verification of the appropriateness of the fiscal expansion policy, which increased the original budget from 673.3 trillion won to 703.3 trillion won through two supplementary budgets, raising national debt from 1,273.3 trillion won to 1,301.9 trillion won.As a result, the opposition has announced plans to scrutinize the overall fiscal expansion policy from last year, heightening tensions between the ruling and opposition parties ahead of the upcoming budget review for the next year. 2026-08-24 15:48:10
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Nvidia's Earnings Report Sparks Interest in U.S. Stock Market Amid AI Investment Concerns Nvidia, a leader in artificial intelligence (AI) semiconductors, is set to release its second-quarter earnings on the 26th (local time). The Wall Street Journal reported on the 23rd that Nvidia's performance could significantly impact the direction of the U.S. stock market, particularly for AI-related stocks, as well as the broader U.S. economy.Market expectations are high that Nvidia will once again exceed forecasts. According to Bloomberg's estimates, Nvidia's second-quarter revenue is projected to reach $92 billion (approximately 127 trillion won), with earnings per share (EPS) expected to be $2.09. If these projections hold, it would mark a record 96% increase compared to the same period last year.Nvidia has consistently outperformed market expectations for 14 consecutive quarters since the AI boom began. In the previous quarter, the company's net profit surged by 210% year-over-year, far exceeding Wall Street's anticipated growth rate of 126%.Attention is focused on whether Nvidia's upcoming results will quell recent concerns about excessive investment in AI. Following earnings reports from Alphabet and Tesla, worries have spread across the tech sector regarding whether the substantial capital expenditures in AI are excessive.Questions have also arisen about the profitability of AI companies. OpenAI recently informed investors that its second-quarter revenue increased by only 18% year-over-year, while losses widened.With rising interest rates increasing financing costs and memory prices soaring, concerns about the investment capacity of AI companies have intensified.Amid these investment pressures, Nvidia is expanding its influence in the ecosystem by supporting investments and infrastructure in the AI industry beyond simple semiconductor sales. Recently, Nvidia announced plans to raise up to $500 billion for AI infrastructure investments in collaboration with major Wall Street financial firms and has also invested in data center power supply companies.Nvidia's earnings are expected to significantly impact the performance and stock prices of related semiconductor companies, data centers, and firms connected to AI investments. The Wall Street Journal noted that Nvidia's future semiconductor demand outlook will be a crucial indicator of whether the AI investment boom can continue.However, high expectations may pose a burden on stock prices. Nvidia's stock has fallen after its last four earnings announcements. This suggests that if the results do not significantly exceed already high expectations, the stock could be volatile even with strong performance.Despite this, the market remains optimistic about Nvidia's stock outlook. Frank Lee, global head of technology hardware and semiconductors at HSBC Global Research, recently raised Nvidia's target price from $325 to $360, citing the company's strategic partnerships with suppliers and its role as a key contributor to the open-source AI ecosystem.* This article has been translated by AI. 2026-08-24 15:48:00
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Police: Investigation into Allegations of Sexual Services for Soccer Referees Difficult Due to Expired Statute of Limitations Police have determined that an investigation into allegations of sexual services provided to foreign referees by the Korea Football Association is effectively impossible due to the expiration of the statute of limitations.According to Yonhap News, Park Jeong-bo, head of the Seoul Metropolitan Police Agency, stated at a regular press briefing on August 24 that the statute of limitations has clearly expired, making further investigation unlikely. He added that they are examining whether there are additional aspects that need to be verified.The allegations involve the Korea Football Association providing sexual services to over ten foreign referees and officials during seven matches, including three FIFA World Cup and Olympic qualifying matches, held in South Korea from March 2011 to March 2012. Payments were made using the association's corporate credit card, with amounts ranging from hundreds of thousands to over one million won per session at massage parlors located in Seoul's Gangnam, Changwon, and Ulsan.These misconducts by the Korea Football Association were uncovered during an audit by the Ministry of Culture, Sports and Tourism in 2016 but had not been publicly disclosed until recently. The situation gained significant attention after a related audit report was released by the office of Democratic Party lawmaker Jin Sun-mi on August 7.Despite the public outcry, 14 to 15 years have passed since the incidents occurred, limiting the police's ability to conduct a thorough investigation. While there may be considerations for charges related to breach of duty or violations of the law on prostitution, current laws typically restrict serious crimes to those with a statute of limitations of over 15 years.The police are also conducting an investigation into the broader administrative controversies surrounding the Korea Football Association. They are focusing on potential misconduct and procedural violations in the appointment process of former national team coach Hong Myung-bo, which involved the Strengthening Committee and the board of directors.On August 4, police summoned former coach Hong Myung-bo and former technical director Lee Im-seng as suspects in connection with allegations of obstruction of business and are investigating the involvement of senior officials in the coaching appointment process. On August 6, they executed a search warrant on the mobile phone of former Korea Football Association president Chung Mong-kyu to secure related evidence.Park stated, "Since the search on August 6, we have been continuously calling in related individuals for questioning."* This article has been translated by AI. 2026-08-24 15:48:00
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Seoul's beautiful life event kicks off The "2026 Beautiful Life in Seoul (BLS)" event is underway at Dongdaemun Design Plaza (DDP) in Jung-gu, Seoul, Aug. 24, 2026. Centered around Seoul Beauty Week, the event brings together fashion, wellness, design, entertainment and local commercial district content, featuring hands-on programs for citizens and tourists (B2C) as well as business programs for buyers (B2B). The event runs through Aug. 25. AJP Yoo Na-hyun 2026-08-24 15:46:39 -
New Book Explores the Meaning of a Good Death A Mortician Asks About a Good Death=Written by Gil Hae-yong, My Life. Since 2012, the author has worked as a mortician, inferring the life trajectories of those who passed away alone through the traces they left behind. The book features 16 stories that do not force sympathy but instead recount the realities of loneliness and death through the lens of those encountered at solitary death scenes. Among the stories are a 30-year-old woman found dead in a winter studio apartment, a 19-year-old who passed away in February of his coming-of-age year, and a “goose father” who died alone in a study room. The author reads their lives through the belongings they left behind. Solitary death is not just an individual tragedy; it reflects the reality of those pushed out of social safety nets and disconnected from relationships. A poignant letter left by a deceased individual who barely made a living through traditional performances reads, "I always thought that a little loss would bring good fortune, but my choice was wrong. I’m left with only debt—our industry is now finished. I’m truly sorry to the landlady and her family." Some remembered friends from their hometown in their final moments, while others worried about pets they would leave behind. Reading the book naturally prompts reflections on one’s own death. Questions arise such as, "What will my death look like? Who will look for me if I lose contact? How should I live?" "If you imagine for a moment, they were waiting for someone from the moment they were about to die. Their deaths were intertwined with waiting and silence. This is how I envision the time and space in which the deceased lived. The people in this book have left the world, but they do not completely disappear. Some remain as an old photograph, while others are remembered through a text message they never sent. Some have left behind a short note saying, 'I’m sorry.' Ultimately, people are not only remembered through death. They are remembered by how they lived, what they left behind, and whom they missed." (p. 7) Last Thoughts Before Sleep Shape Tomorrow's Decisions=Written by Kim Beom-jun, Whale Books. This book is meant to be read five minutes before sleep. The author, known for works like The Zhuangzi at Fifty, asserts that "last thoughts before sleep shape tomorrow's decisions." One day, after staring at his smartphone until his eyes were bloodshot, he stumbled upon a line from Nicomachean Ethics that captivated him: "Virtue is formed through repeated actions. It is not a single act but the habits of an entire life that make a person good." Since then, he has engaged in nightly conversations with one philosopher each evening. The book intertwines the philosophies of 30 thinkers from both Eastern and Western traditions, including Socrates, Epicurus, Seneca, Zhuangzi, and Hannah Arendt, with everyday scenarios. At 3:30 a.m., while tossing and turning over an unfinished report, he recalls Socrates’ advice to "Know thyself" when he reaches for chicken in the fridge. He contemplates whether his current hunger is genuine or a response to anxiety or a desire for reward, ultimately closing the fridge door. On nights when he drinks and loses track of time, he reflects on Epicurus’ hedonism, focusing on the calm that follows the fulfillment of desires rather than the fleeting excitement of immediate gratification. When anger rises while driving due to an aggressive driver, he recalls Seneca’s assertion that "anger is the ugliest of all emotions." Seneca’s remedy is "mora," or delay, advising not to react immediately in moments of anger but to pause. Through his dialogues with these 30 philosophers, the author discovers a common teaching: the power of moderation, or the ability to pause and empty oneself. Instead of filling the end of the day with algorithms from smartphones, he suggests that a brief five-minute pause to reflect on a philosopher’s words can change tomorrow. "Knowing pleasure and being led by it are different. We call Epicurus a hedonist not because he indulged in pleasure, but because he understood which pleasures are genuine. Knowing that the calm brought by bread and water is better than the excitement of a feast, and that the clarity of a glass of water surpasses the thrill of seven beers—that is Epicurean hedonism." (p. 60) * This article has been translated by AI. 2026-08-24 15:44:00