S. Korea to add 230,000 houses to its 5-year plan amid affordability crisis

South Korea on Thursday unveiled plans to begin construction of 230,000 homes in the Greater Seoul area within five years and move existing construction plans ahead of schedule to address the housing affordability crisis. The announcement comes in addition to an existing plan to build 1.35 million new homes in the region encompassing Seoul, Gyeonggi Province and Incheon by 2030. The recent announcement brings the total of planned homes to over 1.5 million. According to Thursday's plan, the const

2026-08-13 12:32:52:00

'True heir' narratives overshadow policy in DP leadership race

Inside the Democratic Party of Korea chair's office at the National Assembly, photographs of former Presidents Kim Dae-jung, Roh Moo-hyun and Moon Jae-in take pride of place. These leaders are displayed as symbols of Korea's democratic struggle and the advancement of democracy. But that symbolic weight is being fought over as the Democratic Party's leadership race heats up with the national convention less than a week ahead. Candidates for the party chair often choose to appropriate these lead

2026-08-12 11:37:18:00

Land Minister vows to speed up new town projects in Greater Seoul

Land Minister Kim Yun-duk said Tuesday that the government would speed up the "new town" project to establish residential complexes in Gyeonggi Province and Incheon amid soaring housing prices. "I will make everyone live without worrying about housing problems through a (rapidly developed) and sufficient housing supply," Kim, who doubles as a ruling Democratic Party lawmaker, told the Land, Infrastructure and Transport Committee of the National Assembly. Kim reiterated his earlier pledge in July

2026-08-11 18:22:31:00

Kim extends lead over Jung in Sunday primaries

Democratic Party of Korea Rep. Kim Min-seok extended his narrow lead in the party's leadership primary on Sunday over his rival Rep. Jung Chung-rae, according to the results provided by the ruling party. In the fourth of six rounds of voting in Gangwon Province, North Gyeongsang Province and Daegu on Sunday, Kim was ahead of Jung by 1.48 percentage points, or 3,068 votes. Kim has so far won 95,821 votes, or 46.01 percent of all votes, while Jung has 92,735 votes, or 44.53 percent. By region, Kim

2026-08-09 20:19:45:00

Lee faces pressure over proposed changes to ISA tax rules

Tax policies on savings accounts have become a point of contention after a government proposal to reexamine their tax status came under fire. President Lee Jae Myung called Friday for review of the plans to individual savings accounts (ISAs) after they were criticized for defeating the purpose of the accounts. ISAs were brought in to encourage long-term investment in stocks, bonds and equities by easing tax burdens for those who invest in them for at least three years. The ruling Democratic Par

2026-08-09 15:38:43:00

Calls grow for audit, investigation as leveraged ETFs engulf political arena

Single-stock leveraged exchange-traded funds tied to South Korean chip firms are becoming a thorn in the government's side, as a major liberal politician added to calls for an investigation into the administration's decision to allow them. Conservative opposition members had already called for a probe. The funds, introduced in May, have been blamed for stock market volatility that at one point saw the Kospi lose nearly 40 percent of its value. Cho Kuk, former chair of the minor liberal Rebuildin

2026-08-05 15:02:31:00

Foreign Affairs Committee chair travels to Australia, New Zealand

Rep. Song Seog-jun, a lawmaker of the People Power Party who chairs the Foreign Affairs and Unification Committee at the National Assembly, has begun a weeklong trip to Australia and New Zealand. Departing Seoul Monday, Song plans to visit institutions, associations and lawmakers dedicated to state infrastructure management and policymaking, according to his office on Tuesday. Democratic Party Reps. Son Myoung-soo, Maeng Sung-kyu and Back Hye-ryun are with Song on his trip to the Oceanian countr

2026-08-04 18:19:06:00

Conservatives slam Lee over criminal justice overhaul

Right-leaning lawmakers on Tuesday slammed President Lee Jae Myung over his decision not to veto a bill to revise the Criminal Procedure Act. The revision aims to remove all investigative powers from the prosecutors' office for the first time in more than seven decades, and to grant a South Korean court the greater authority to dismiss criminal trials. Following Lee's approval of the bill at a Cabinet meeting Tuesday, Rep. Jang Dong-hyeok, chair of the People Power Party, said Lee did so "despi

2026-08-04 15:28:34:00

Tax revision meant to 'punish' homeowners

People Power Party whip Rep. Jeong Jeom-sig on Tuesday slammed the Lee Jae Myung administration over a recent property tax revision, claiming it penalizes homeowners. Calling Monday's tax code adjustment a "tax bomb," Jeong claimed that the tax burden on homeowners has become heavier, while the burden on those willing to sell remains high. "This is virtually a punitive tax," Jeong said on his Facebook Tuesday, adding Monday's tax hike will lead to an increase in rent as tenants will end up being

2026-08-04 13:54:36:00

Assembly votes to remove prosecution from crime investigation

The National Assembly on Friday voted in favor of a revision to the Criminal Procedure Act to strip the prosecution of its authority to investigate crimes under any circumstances. The bill passed the plenary session in a 175-2 vote with one abstention Friday. This followed the liberal parties' vote to lift the filibuster launched Thursday by the main opposition People Power Party. Cheong Wa Dae said it "respected the National Assembly’s legislative process and final decision," pledging to ensure

2026-07-31 16:40:54:00