The Party and Government to Announce Real Estate Measures Tomorrow Morning... "Strengthening Comprehensive Real Estate Tax for Multi-Homeowners"

[Asia Economy Reporter Jeon Jin-young] The Democratic Party of Korea, the government, and the Blue House will announce a comprehensive real estate plan on the morning of the 10th.

Cho Jung-sik, the Policy Committee Chairman of the Democratic Party, held a closed-door party-government consultation at the National Assembly Members' Office Building on the afternoon of the 9th. Afterward, he told reporters, "We will hold a party-government consultation at 7:30 a.m. tomorrow (the 10th) to finalize the plan and announce the comprehensive measures within the morning of the same day."

[Image source=Yonhap News]

Chairman Cho said, "Through today's party-government-Blue House consultation, we have concluded discussions on the broad framework," adding, "Since the party-government consultation will conclude tomorrow morning and then go through a ministerial meeting before the announcement, the results can be confirmed tomorrow morning."

In response to reporters' questions about whether the tax rates have been finalized, he said, "All those details have been finalized," emphasizing, "Regarding the comprehensive real estate holding tax (종부세), the direction will be to strengthen measures targeting multi-homeowners."

He also added, "Any necessary tax law amendments included in tomorrow's announcement will immediately be prepared for legislative proposal by lawmakers."

The party-government-Blue House consultation was held privately for about an hour and a half. From the Blue House, Kim Sang-jo, Chief of Policy Office, attended; from the government, Kim Hyun-mi, Minister of Land, Infrastructure and Transport, participated. From the Democratic Party, Kim Tae-nyeon, Floor Leader; Yoon Ho-jung, Secretary-General; and lawmakers Yoon Kwan-seok and Cho Eung-cheon were present.