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Bill submitted to establish Real Estate Supervisory Service
South Korea’s ruling Democratic Party of Korea on Tuesday proposed a bill to establish a centralized agency for cracking down on irregularities in housing transactions, as part of broader efforts aligned with President Lee Jae Myung’s push to rein in housing prices. “South Korea bears the stigma of being a ‘real estate republic.’ More than 70 percent of household assets remain tied to property,” Rep. Kang Jun-hyeon of the Democratic Party said during a press briefing held at the National Assembl
Feb. 10, 2026 -
Lee says sales of registered rental homes in Seoul would help stabilize housing market
President Lee Jae Myung said Tuesday the housing supply would be increased and home prices would be stabilized if owners of multiple homes sell registered rental houses in Seoul to avoid heavier tax burdens. Lee refuted skepticism over his proposal to scrap tax breaks for registered rental homes, marking his third consecutive day of social media comments on the issue as the government steps up efforts to rein in soaring housing prices in the Seoul metropolitan area. He shared a link to a news st
Feb. 10, 2026 -
Foreign Minister says US nuclear umbrella remains firm amid OPCON transfer concerns
Three days of parliamentary questioning of the government began Monday at the National Assembly, with lawmakers set to grill Cabinet officials over trade issues with the US and their spillover into key diplomatic and security issues. The first day of questioning, focused on politics, diplomacy, unification and national security, comes as Seoul steps up diplomatic engagement with Washington following US President Donald Trump’s warning of a potential tariff hike on South Korean goods. Despite int
Feb. 9, 2026 -
New fronts open up in parties' internecine battles
South Korea’s two major political parties are heading into the June 3 local elections engulfed in intensifying internal strife as factional disputes, leadership controversies and disciplinary clashes erode prospects for preelection unity. Rather than consolidating their support bases, both the ruling Democratic Party of Korea and the main opposition People Power Party are grappling with overlapping political crises — raising concerns that internal fragmentation could weigh on their electoral foo
Feb. 9, 2026 -
Assembly eyes US investment bill passage by March
South Korea's National Assembly is stepping up momentum behind the plan to invest $350 billion in the US, approving the establishment of a special committee dedicated to the passage of related bills. It is the latest development in South Korea's move to address renewed trade woes after US President Donald Trump threatened to reinstate 25 percent tariffs on a range of South Korean goods, blaming Seoul for its slow legislative progress. Under the plan greenlit at Monday's National Assembly plenary
Feb. 9, 2026 -
Biz lobby apologizes over misleading report after Lee's criticism
The Korea Chamber of Commerce and Industry on Monday issued an apology over its misleading press material claiming South Korea's heavy inheritance tax has led to a sharp rise in the exodus of affluent individuals. Over the weekend, President Lee Jae Myung openly condemned the KCCI report issued Tuesday in a social media post, saying such "intentional fake news" is "an enemy of democracy." "We offer our deep apology for causing unnecessary confusion by citing statistics from an external organizat
Feb. 9, 2026 -
Industry ministry launches audit into 'fake news' incident involving KCCI
The industry ministry has launched an audit into the "fake news" incident involving the Korea Chamber of Commerce and Industry, the minister said Monday, vowing to hold the major business lobby group accountable for the incident if necessary. Industry Minister Kim Jung-kwan made the remarks in an emergency meeting with six major business lobby groups here held a few days after President Lee Jae Myung scolded the KCCI for "intentionally" spreading fake news that wealthy Koreans are leaving the co
Feb. 9, 2026 -
PM meets with presidential chief of staff, ruling party chief over US tariffs
The prime minister held talks with key ruling Democratic Party lawmakers and the presidential chief of staff Sunday to discuss a special bill on implementing South Korea's investment pledges to the United States and other pending issues, officials said. The meeting, held at the residence of the prime minister, came as rival political parties agreed last week to establish a special committee to handle the investment bill amid U.S. President Donald Trump's tariff hike threats. "A delay in passing
Feb. 9, 2026 -
Lee raises concerns over regulation allowing large-scale home purchases for rental
President Lee Jae Myung on Sunday voiced concerns over the country's housing regulation that allows people to buy homes on a large scale for rental, as the government is set to end tax breaks for multi-homeowners to stabilize the overheated property market in the Seoul metropolitan area. In recent weeks, Lee has posted a series of messages on his social media account calling for measures to curb home prices, ahead of the planned end of a heavy capital gains tax exemption for multi-homeowners in
Feb. 8, 2026 -
PM meets with presidential chief of staff, ruling party chief over US tariffs
The prime minister held talks with key ruling Democratic Party lawmakers and the presidential chief of staff Sunday to discuss a special bill on implementing South Korea's investment pledges to the United States and other pending issues, officials said. The meeting, held at the residence of the prime minister, came as rival political parties agreed last week to establish a special committee to handle the investment bill amid US President Donald Trump's tariff hike threats. "A delay in passing th
Feb. 8, 2026 -
District chief, praised by Lee, declares bid for Seoul mayor
Chong Won-o, chief of Seoul’s Seongdong-gu district, announced Sunday that he will run for Seoul mayor in the June 3 local election, becoming the sixth candidate from the ruling Democratic Party of Korea to enter the race. He announced his bid during a talk co-hosted by Democratic Party lawmakers Lee Hae-sik and Chai Hyun-il in Seoul. “I believe I’ve completed preparations for the race,” Chong said. Chong has led the Seongdong-gu district government since 2014 and is the only district chief in S
Feb. 8, 2026 -
Ruling party apologizes for vetting process that 'insulted' Lee
The ruling Democratic Party of Korea on Sunday apologized for its vetting process in recommending a special counsel candidate to investigate ex-President Yoon Suk Yeol and his wife Kim Keon Hee for corruption. This came after Jeon Jun-cheol, one of the two candidates recommended by the Democratic Party, was later found to have defended a businessman who testified against President Lee Jae Myung, with some lawmakers sympathetic to Lee saying the party leadership "insulted" the incumbent president
Feb. 8, 2026 -
How a UK study became center of S. Korea's political debate
A post by President Lee Jae Myung on social media has once again made headlines, this time over a press release from the Korea Chamber of Commerce and Industry citing data that suggests more wealthy Koreans are leaving the country due to tax concerns. On Saturday, Lee pledged to hold the KCCI legally accountable for what he called an "intentional" act of spreading fake news to attack the government, branding it an "enemy of South Korea's democracy." "An act of generating and spreading fake news
Feb. 8, 2026 -
PM to meet with presidential chief of staff, ruling party chief over US tariffs
The prime minister is set to hold talks with key ruling Democratic Party lawmakers and the presidential chief of staff later Sunday to discuss a special bill on implementing South Korea's investment pledges to the United States and other pending issues, officials said. The meeting, set for 5 p.m. at the residence of the prime minister, comes as rival political parties agreed last week to establish a special committee to handle the investment bill amid US President Donald Trump's tariff hike thre
Feb. 8, 2026 -
Lee pitches balanced growth as ‘survival strategy’ in conservative stronghold
President Lee Jae Myung on Friday reiterated that nationwide balanced growth and balanced development are South Korea’s “survival strategy,” speaking at a railway groundbreaking ceremony in South Gyeongsang Province, a traditional conservative stronghold. “The southern inland railway is not simply a project to lay down a single rail line,” Lee said during the groundbreaking ceremony in Geoje. “It is the beginning of a major transformation of the national territory — one that moves away from a ‘s
Feb. 6, 2026