1.8 Billion Apartment Comprehensive Real Estate Tax Reduced to '0 Won' [3-Minute Brief]

[3-Min Brief 3-Second Summary]
① Hong Kong ELS, Large-Scale Losses Expected Next Year
② Samsung Appoints 30s Executive Director and 40s Vice President
③ Airbnb Driving Up Seoul Housing Prices

MARKET INDEX

- U.S. New York Stock Exchange's three major indices closed mixed near flat
- Rising expectations for pivot amid potential interest rate cuts
- Investors closely watching Personal Consumption Expenditures (PCE) index

TOP 3 NEWS

■ Number of homeowners subject to comprehensive real estate tax drops sharply from 1.21 million to 410,000… Tax amount also decreases due to decline in official property prices

- Number of taxpayers reduced to one-third of last year… Tax rate cuts and official price declines
- Taxable population halved, tax payments expected to decrease by 65%
- Single homeowner of 84㎡ exclusive area in Mapo R apartment paid 850,000 KRW last year → 0 KRW this year

■ Large-scale losses expected for Hong Kong ELS from January…"Many more loss investors than DLF"

- Hong Kong H-Index ELS expected to incur losses of 3 to 4 trillion KRW in the first half of next year
- Many subscribers are elderly… "Purpose is to receive retirement funds"
- Major banks considering suspension of sales amid concerns over large-scale losses

■ Samsung Electronics appoints 30s executive directors and 40s vice presidents…"Accelerating generational change with young leaders"

- Number of executive promotions decreased from 187 last year to 143 this year
- 39-year-old executive director, 49-year-old vice president… Young talent appointed
- Continued policy to appoint female and foreign talents

the Chart : Seoul Housing Prices and Real Estate Sharing Economy

- Airbnb influences rising Seoul real estate prices and rents
- Higher impact in densely populated areas like Mapo-gu with many multi-family houses
- "Expansion of shared lodging acts as a catalyst for rising real transaction prices in real estate"

Profitable Law

Photo by Beopryul Newspaper

■ Possibility of passing 'Financial Sector Serious Accident Punishment Act' within this year

- Amendment to governance law holding CEOs responsible for internal controls in financial firms
- Submission to Financial Services Commission includes strengthening board oversight and 'responsibility structure chart'
- Busy preparations for system as amendment to 'responsibility structure chart' likely to pass National Assembly
☞Read article: https://www.asiae.co.kr/article/lawtimes/2023112915381794984

■ Seocho-gu, densely packed with legal institutions…"Should be made the judicial center of Asia-Pacific"

- Raised at '2023 Judicial Justice Hub Creation Academic Conference'
- "Related institutions to cooperate to attract Korea's international judicial city"
- Discussions on hosting Asia Continental Human Rights Court in Seocho-gu
☞Read article: https://www.asiae.co.kr/article/lawtimes/2023112915502867492

■ Disadvantageous measures defined in the Public Interest Whistleblower Protection Act… If personnel action is at company level, the actor is 'the company'

- Lawsuit against the Anti-Corruption and Civil Rights Commission's decision to impose enforcement penalty
- If disadvantageous action is a company-level personnel matter, the actor is 'the company'
- "If company violates obligations, legal effects are imposed on the company"
☞Read article: https://www.asiae.co.kr/article/lawtimes/2023112916025023843

※ 'Profitable Law,' a content partnership corner between Asia Economy and Law Times, is published every Tuesday and Thursday.

Term in the News: 'Oil Money'

Photo by Reuters Yonhap News

- Refers to 'Petro Dollar' dominating oil payment hegemony
- Resource-rich countries accumulate dollar reserves through exports
- Future uncertain… Saudi Arabia and others striving to diversify businesses

Today's Key Schedule

○ Domestic
- 08:00 Retail Sales/Industrial Production (October)
- 09:00 Ministry of Science and ICT, visit to advanced semiconductor packaging site (LG Innotek)
- 10:00 Monetary Policy Committee (Base interest rate decision)

- 14:00 Ministry of Trade, Industry and Energy, major manufacturing companies investment meeting

○ Overseas
- Choi Jong-hyun Academy 'Tokyo Forum' (~December 1 at University of Tokyo)
- 08:50 Japan Industrial Production (October)
- 10:30 China Manufacturing Purchasing Managers Index (November)
- 16:00 UK House Price Index
- 16:00 Germany Retail Sales (October)
- 16:45 France GDP
- 17:55 Germany Unemployment Rate (November)
- 19:00 Eurozone Consumer Price Index (November), Unemployment Rate
- 22:30 U.S. Core Personal Consumption Expenditures Price Index (October) / Initial Jobless Claims

◇ Lunch & Commute Weather

○ Lowest temperature -8℃(▼4℃) ｜ Highest temperature: 0℃(▼3℃)
○ Precipitation probability Morning 0%｜Afternoon 0%
○ Fine dust Morning Good｜Afternoon Good

3 minutes is OK, essential time-efficient economic news. Published daily at 8 AM.