President Lee Jae-myung said on the 25th that resolving livelihood and economic issues is currently his top priority, emphasizing in particular his determination to address the long-standing problem of wealth concentration in real estate, which he said has deepened social inequality and increased hardship for ordinary citizens. According to Presidential Office spokesperson Lee Kyoo-yeon, the remarks were made during a luncheon meeting with senior advisers of the Democratic Party at the presidential office. Lee also positively assessed recent signs that capital previously tied up in real estate is beginning to flow into more productive capital markets, calling the trend both natural and encouraging, though he did not directly comment on the KOSPI surpassing the 6,000 level for the first time. Addressing relations between the ruling party and the presidential office, Lee praised the Democratic Party for its performance despite political challenges following the recent unrest, while dismissing concerns about policy discord between the government and the party, stating that perceived conflicts do not reflect reality and are undesirable.
Posted by Freewhale98
1 Comment
1. Summary
Korean investment portfolio is experiencing an earthquake as the money is moving away from real estate speculation to stock market.
2. How is this related to the sub
(1) Housing crisis & stock market: Lee Jae-myung blames all social ills of Korea from low birth rate to rising inequality on real estate speculation and housing crisis it caused. So, he is trying to solve this by making stock market attractive investment.
3. My opinion
This is quite an unorthodox approach to the housing crisis. He is trying to make people invest in stock market instead real estate to reduce demand. I think if this is coupled with public supply plan he is pushing for, housing crisis might subside. The importance is whether this public supply plan rampant NIMBY of PPP-held local councils.