President Lee: "Money once tied up in real estate is flowing into capital markets... an encouraging development"

[Financial News] President Lee Jae Myung of South Korea said at a luncheon meeting with the Senior Advisory Group of the Democratic Party of Korea on the 25th, "The recent signs that money which had been tied up in real estate is now flowing into productive capital markets are a very natural and also encouraging development."
Senior Presidential Secretary for Public Relations and Communications Kyuyoun Lee said in a related briefing that "Lee Jae Myung has stated that, if resolving livelihood and economic issues is what he considers most important right now, then he will also make sure to address the chronic problem of wealth being concentrated in real estate, which fuels social polarization and hardship for ordinary people."
President Lee Jae Myung held a 1-hour-and-45-minute luncheon meeting that day with 10 senior advisors of the Democratic Party of Korea at the main building of Cheong Wa Dae. The attendees were former National Assembly Speaker Moon Hee-sang, Kwon No-gap, chair of the Kim Dae-jung Foundation, former National Assembly Speaker Kim Won-ki, former National Assembly Speaker Kim Jin-pyo, senior advisor Lee Yong-deuk, former National Assembly Speaker Park Byeong-seug, former Prime Minister Han Myeong-sook, former National Assembly Speaker Lim Chae-jung, former Prime Minister Chung Sye-kyun, and Minister of Unification Chung Dong-young.
At the meeting, advisor Kwon No-gap remarked that "positive signals are emerging across the broader economy, including in real estate and stocks," and asked the president to pay close attention to youth employment, the low birthrate, and the climate crisis. Advisor Lee Yong-deuk said, "The fact that the Korea Composite Stock Price Index (KOSPI) has broken through 6,000, driven mainly by individual investors, was only possible because the public has that much confidence in the president," and urged him to also focus on the implications of robots replacing human labor.
Meanwhile, the KOSPI surpassed the 6,000 mark for the first time in history that day. It came just 34 days after the index first crossed the 5,000 level during intraday trading on the 22nd of last month.

west@fnnews.com Seong Seok-woo Reporter