President Lee Jae-myung convened a marathon meeting on real estate and the stock market immediately after returning from his trip to the United States and South America on August 3. The meeting lasted for 7 hours and 30 minutes.
President Lee diagnosed the sluggish housing supply as having led to a 'supply cliff' and instructed his team to secure available housing units while mobilizing all administrative, financial, fiscal, and regulatory measures to accelerate supply.
Chief Presidential Spokesperson Kang Yoo-jung stated in a written briefing that President Lee returned to the Blue House at 11:30 AM and immediately began the 'Recent Real Estate and Stock Market Review Meeting,' which ran from 3 PM to 10:30 PM.
During the meeting, President Lee received reports on the current state of the real estate and stock markets from Prime Minister Han Seung-soo and relevant ministers and chairpersons. He posed practical and specific questions to the heads of relevant departments, sharing concerns about market conditions and urging them to actively devise possible solutions.
The meeting focused on the ongoing housing supply shortage, particularly in the metropolitan area, and practical measures to expand supply.
President Lee emphasized the importance of securing supply volumes and reducing the time it takes for actual occupancy, stating, "The continued sluggish housing supply since 2022 has led to a supply cliff situation."
As a result, the government is expected to reassess available supply volumes, including public land and idle sites, and comprehensively review measures to shorten permits and improve project procedures, as well as financial and regulatory support. There will also be a focus on enhancing execution power to ensure that announced supply plans quickly lead to construction and occupancy.
President Lee instructed Prime Minister Han and relevant ministers to conduct a comprehensive review of existing housing supply measures. He requested that they examine not only supply targets and project schedules but also the housing demand felt by actual users, urging them to implement realistic measures meticulously.
The meeting also addressed not only real estate issues but also additional measures regarding single-stock leveraged exchange-traded funds (ETFs), which have been cited as factors in the recent stock market decline, as well as public sentiment regarding the government's announced real estate tax reform plan and specific reviews of additional financial and supply measures.
However, the Blue House did not disclose specific discussions regarding the stock market situation or other issues.
At the conclusion of the over seven-hour meeting, President Lee instructed, "Even if it is difficult, prepare additional reports and follow-up meetings related to finance and housing supply within 2-3 days."
* This article has been translated by AI.
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