South Korea's Lee Orders Fast Review of Housing Supply and Financial Measures
President Lee Jae Myung told officials to complete follow-up reviews within two to three days, citing a housing supply cliff that has persisted since 2022.
SEOUL, Aug 4 (Reuters) - South Korean President Lee Jae Myung ordered officials late on Monday to conduct follow-up reviews within two to three days on financial and housing supply measures, after a meeting on the country's property and stock markets, his office said.
Here are more details:
• Lee said a housing supply shortfall that has persisted since 2022 had created a supply cliff, stressing that both the volume and speed of new supply were critical.
• He instructed ministers to secure as much available housing supply as possible and explore all administrative, financial, fiscal and regulatory measures to speed up delivery.
• Lee also called for a comprehensive review of existing housing supply policies and for officials to reflect public demand in implementing measures.
• The meeting began at 3 p.m. (0600 GMT) and ended at 10:30 p.m. Seoul time, according to the presidential office. Lee held it shortly after returning from an 11-day overseas trip.
• The announcement by Lee's office followed South Korea's finance ministry proposing tax-code changes on Monday that would raise the burden on multiple-home owners and owners of expensive properties, while expanding property-tax exemptions for certain owner-occupiers.
(Reporting by Joyce LeeEditing by Ed Davies)
