[Breaking] Party-Government: "Restructuring of Petrochemical and Steel Industries Unavoidable... Timely Real Estate Measures to Be Prepared"

The ruling party, government, and presidential office (Democratic Party of Korea, government, and presidential office) announced on December 21 at the final high-level party-government consultation of the year that they would "monitor the real estate market situation and promptly prepare necessary measures."

Prime Minister Kim Minseok stated in his opening remarks at the 5th high-level party-government consultation held at the Prime Minister's official residence in Samcheong-dong, Seoul, "Today's meeting will discuss current issues such as restructuring in the petrochemical and steel industries, the Special Act on Renewable Energy Self-Sufficient Cities, and will also review the real estate market."

Democratic Party leader Jung Cheongrae said, "For the sustainability of the petrochemical and steel industries, swift and bold restructuring is necessary, but there must also be measures to protect local communities and workers so that this does not lead to job losses or a downturn in the regional economy." He added, "We will closely monitor real estate trends and ensure that necessary measures are prepared in a timely manner."