Hong Nam-ki "June Lease Reporting System Targets to Be Announced Soon"

April Ministry of Land Sejong, Yongin, Daejeon 5-Dong Pilot Project
Four Disaster Relief Funds, Five Supplementary Budgets, Low Interest Rates
Post-Recovery Rate Hike Risks 'Economic Bomb' Household Debt Management Plans Also Discussed

On the 9th, senior economic officials are seen discussing measures to manage household debt, which has emerged as a trigger for the Korean economy, and the scope of application for the lease reporting system at the Government Seoul Office. From the left, clockwise: Ahn Il-hwan, Senior Secretary for Economic Affairs to the President; Eun Sung-soo, Chairman of the Financial Services Commission; Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance; Kim Hyun-soo, Minister of Agriculture, Food and Rural Affairs; Yoon Seok-heon, Governor of the Financial Supervisory Service.
(Photo by Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] On the 9th, it was announced that Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, along with related ministry ministers, discussed the targets for the Lease Reporting System and household debt management measures, and decided to finalize and announce specific plans as soon as possible.

On the same day, Deputy Prime Minister Hong held a meeting of related ministers (Green Room Meeting) at the Government Seoul Office to discuss key contents and applicable targets of household debt and the Lease Reporting System. The meeting was attended by Eun Sung-soo, Chairman of the Financial Services Commission, Kim Hyun-soo, Minister of Agriculture, Food and Rural Affairs, Byun Chang-heum, Minister of Land, Infrastructure and Transport, Yoon Seok-heon, Governor of the Financial Supervisory Service, and Ahn Il-hwan, Senior Secretary for Economic Affairs at the Blue House.

Following the spread of COVID-19, with four rounds of disaster relief payments, five supplementary budgets for this purpose, and the low-interest rate trend in various countries, household debt has emerged as the biggest risk to the Korean economy. The Financial Services Commission is expected to announce household debt management measures within this month, including strengthening loan regulations while easing restrictions for genuine borrowers. There is speculation that the ruling party and government cannot ignore the defeat in the April 7 by-elections in Seoul and Busan.

The specific reporting targets of the 'Lease Reporting System,' which mandates lease reporting within 30 days from the lease contract date, will also be discussed. This system is one of the 'Three Lease Laws' that impose a fine of 1 million won for failure to report, introduced to curb real estate speculation. The Ministry of Land, Infrastructure and Transport plans to pilot the reporting system this month in five districts including Boram-dong in Sejong City, Giheung-gu in Yongin-si, Gyeonggi Province, and Wolpyeong 2-dong in Seo-gu, Daejeon City.