Finance minister suggests possibility of adjusting real estate policy

About the demand for easing the property holding taxes for single-homeowners and adjusting the pace of increasing the official property values, Finance Minister Hong Nam-ki said he is considering such options insofar that doing so does not send out the wrong signals.

“For the government, tax revenue increases are not the main purpose (of increasing the official property values), so we will make full consideration about how we can lessen and alleviate the burden,” said Minister Hong during an interpellation session at the National Assembly on Monday. His remarks are aimed at meeting the growing demand to fix the Moon Jae-in administration’s real estate policy, which has been precipitated since the ruling Democratic Party of Korea’s abject defeat from the April 7 by-elections.

During the interpellation, the ruling and opposition parties wrangled over the lacking supplies of COVID-19 vaccines. “President Moon’s remarks on vaccines are always opposite to reality,” said Rep. Jeong Jin-seok from the main opposition People Power Party. In response, Minister Hong said that stressing the wrong information can fuel public anxieties, adding that despite unfavorable conditions, the government will do its best to advance the timing of vaccinations.


Sung-Hwi Kang yolo@donga.com