High-Interest Rates Lead to Flood of Auctioned Apartments [3-Minute Brief]

[At a Glance]
① US 3 Major Indexes Pause... Close Lower
② Bank of Korea "Korean Economy, China Special Demand Now Difficult"
③ Next Year's KOSPI Strategy: 'BUY Semiconductors?'

MARKET INDEX

- US New York Stock Exchange's three major indices pause... closed lower
- Bitcoin bullish... Coinbase stock price also up 5%
- Apartment sales turnover sluggish... lowest since 2006

TOP 3 NEWS

■ Bank of Korea: "Difficult to enjoy China's special demand going forward... must enhance export competitiveness"

- Bank of Korea report on 'Checking China's growth structure transition process and ripple effects'
- China's self-reliance and technological competitiveness increased, no longer able to enjoy 'China special demand'
- Emphasized that Korea must also enhance export competitiveness through technology development

■ From apartments to villas... many properties in Seoul metropolitan area auctions unable to withstand high interest rates

- November Seoul apartment auctions increased from 162 cases last year to 281 cases
- Properties unable to bear high loan interest rates went to auction
- Non-apartment auctions such as villas also increased threefold

■ Bank deposit interest rates back to 3% range... balance at highest this year

- Major commercial banks' fixed deposit interest rate rise slows down
- However, due to demand for 'last ride on high interest rates', deposit balance hits record high
- Financial authorities urge large banks to restrain deposit competition

Graphic News: Next year's KOSPI strategy... "Hold semiconductors"

- Major securities firms' research centers predict next year's KOSPI market
- Expected bottom range 1900~2300 points, wide fluctuation on lower and upper bounds
- Semiconductors commonly identified as the sector to show strength next year

Money-Making Law

■ Judiciary seeks 'future courtroom appearance'

- Courts preparing to establish 'Law Research Association for Future Society'
- Studying and reviewing modernization of courtroom procedures designed long ago
- Seeking the essence of trials... verifying 'restorative justice' and courtroom presentation
☞Read article: https://www.asiae.co.kr/article/lawtimes/2023120414554899878

■ Political circles fill terms despite 'judicial risk' citing 'trial delays'

- Some serve full terms and receive prison sentences after retirement
- 'Trial delay phenomenon' prominent in cases involving politicians
- "Measures needed such as suspension of duties when first trial results in guilty verdict"
☞Read article: https://www.asiae.co.kr/article/lawtimes/2023120414594715157

■ Commercial building remains after deposit not returned... Supreme Court rules "only monthly rent contract payment required"

- Tenant continues occupancy and is not obligated to pay increased rent
- "Lease relationship continues until tenant receives deposit back"
- Measures to strongly protect tenant's possession of the leased property
☞Read article: https://www.asiae.co.kr/article/lawtimes/2023120415164908060

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

Term in the News: 'COP28'

- The '28th United Nations Climate Change Conference of the Parties' started on the 30th of last month
- Developed countries compensate developing countries suffering climate disasters due to earlier industrialization
- EU, UAE, US, etc. gathered 587.5 billion won... Korea, ranked 9th in carbon emissions, faces increased pressure

Today's Key Schedule

○ Domestic
- 08:00 Korea Consumer Price Index & GDP
- 08:00 Emergency Economic Ministers' Meeting of Government Ministries
- WyBioLogics KOSDAQ listing / IPO price 9,000 won
- Seoul City 'Second issuance of Metropolitan Seoul Love Gift Certificates' 7% discount

- Seoul 'Mapo Prugio Urban Peace' 1st priority
- Incheon 'e-Pyeonhansesang Jemulpo Station Park Maison' 1st priority
- Incheon 'Wanggil Station Royal Park City Prugio' 1st priority
- Gyeonggi 'Osan Segyo Paragon' 1st priority
- Busan 'Atelier 933'
- Gangneung 'Gangneung Moa Miraedo Ocean River'
- Cheongju 'Cheongju Gagyeong I-Park'
- Cheongju 'Wonbong Park Hildesheim'

○ Overseas
- 12:30 Australia interest rate decision (December)
- 18:00 Eurozone Markit Composite & Services PMI (November)
- 23:45 US Markit Composite & Services PMI (November)
- 00:00 (6th) US ISM Non-Manufacturing PMI
- 00:00 US Department of Labor Job Openings and Labor Turnover Survey (October)

◇ Lunch & Commute Weather

○ Lowest temperature 2℃(▲5℃) ｜ Highest temperature: 11℃(▲3℃)
○ Precipitation probability morning 30%｜afternoon 30%
○ Fine dust morning moderate｜afternoon moderate

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