South Korean govt to unveil measures to stabilise housing market this week

Seoul, Oct 12 (IANS) The South Korean government plans to announce a set of measures to stabilise the housing market this week as home prices in Seoul and some parts of Gyeonggi Province have sharply risen, the ruling Democratic Party (DP) said Sunday.

The decision was made after DP leader Jung Chung-rae met Prime Minister Kim Min-seok and senior presidential aides to discuss key policy issues. The meeting came as the National Assembly is set to begin its annual audit on Monday, Yonhap News Agency reported.

"The government will announce measures to (stabilise) the housing market at an appropriate time this week," Rep. Park Soo-hyun, chief spokesperson of the DP, said in a briefing.

He said the participants at Sunday's meeting shared the need to draw up "fundamental and comprehensive" measures to stabilise the housing market, noting that a recent hike in home prices in Seoul and some areas of Gyeonggi Province warrants close monitoring.

"As uneasiness in the housing market could hamper housing stability, increase households' burdens and sap private consumption, the ruling party and the government have agreed to closely monitor the situation with a greater sense of vigilance and make efforts to resolve it," Park said.

DP floor leader Kim Byung-ki, as well as presidential Chief of Staff Kang Hoon-sik and senior presidential Secretary for Political Affairs Woo Sang-ho, also attended the meeting at the Prime Minister's residence on the final day of the extended Chuseok holiday.

The closed-door session covered reform agendas and livelihood-related policies to be pursued during the regular parliamentary session.

The DP has been pushing for a series of legislative reforms and has called on Supreme Court Chief Justice Cho Hee-dae to appear before the Legislation and Judiciary Committee's audit session on Monday.

Separately, President Lee Jae Myung ordered government ministries and agencies to actively cooperate with the National Assembly's upcoming audit.

"Lee ordered the government to accept the National Assembly's demands regardless of the ruling and opposition parties, including by taking immediate actions on what needs to be corrected," the presidential office said.

Lee also warned that government officials will be sternly reprimanded if they do not take action without proper reasons, despite the National Assembly raising issues, it added.

--IANS

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