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Debate Heating Up on Fate of ‘Jeonse’

Debate Heating Up on Fate of ‘Jeonse’

SEOUL, Aug. 3 (Korea Bizwire) — “Jeonse” (long-term deposit rental system) versus “weolse” (monthly rent). That has emerged as the hottest topic in local political circles since new laws intended to protect tenants from landlords and excessive rent increases went into effect at the end of July. Jeonse refers to a unique Korean system in [...]

S. Korea’s Wealth Fund Sets Sights on Commercial Properties in Europe, China

S. Korea’s Wealth Fund Sets Sights on Commercial Properties in Europe, China

SEOUL, July 26 (Korea Bizwire) — Korea Investment Corp. (KIC), South Korea’s US$157 billion sovereign wealth fund, is seeking to buy commercial properties in Europe and China, the company’s top executive has said, in what could be its latest alternative investments. “We are considering making investments one each in Europe and in China,” KIC Chairman [...]

Growing Number of Landlords Lowering or Freezing Rent

Growing Number of Landlords Lowering or Freezing Rent

SEOUL, April 16 (Korea Bizwire) — The rent reduction campaign, in which landlords lower store rents for small business owners affected by the new coronavirus outbreak is spreading throughout the country. The Ministry of SMEs and Startups said Wednesday that 3,425 property owners in individual shopping complexes and 513 in traditional markets across the country [...]

Wealthy S. Koreans Moving Away from Real Estate Investments

Wealthy S. Koreans Moving Away from Real Estate Investments

SEOUL, April 3 (Korea Bizwire) — The portion of real estate investments by wealthy Koreans with more than 1 billion won (US$814,800) in financial assets has decreased over the past six years, according to a recent report. The preference of index-linked products, which have been considered the most sought-after financial instruments by the rich, also [...]

Seoul Warns of Additional Measures to Curb Home Prices

Seoul Warns of Additional Measures to Curb Home Prices

SEOUL, Dec. 17 (Korea Bizwire) — South Korea’s chief economic policy maker on Monday warned that the government may unveil further steps to curb soaring home prices should the latest fresh set of measures end in futility. Earlier in the day, the finance ministry and related government agencies came up with the toughest steps ever [...]

‘Full-time’ Landlords Earn 2.79 mln Won a Month

‘Full-time’ Landlords Earn 2.79 mln Won a Month

SEOUL, Oct. 7 (Korea Bizwire) — It has been confirmed that as many as 18,000 “full-time” landlords make money by renting out apartments full-time, without any other job. According to data received by Rep. Park Hong-keun from the National Tax Service, the number of individuals that live off of rental income, or so-called ‘landlords’, came [...]

Seoul to Build Homes for Younger Generation Using Public Property

Seoul to Build Homes for Younger Generation Using Public Property

SEOUL, Aug. 23 (Korea Bizwire) — The Seoul Metropolitan Government plans to carry out a construction project known as the Compact City to offer homes to younger Seoulites by redeveloping traffic islands, old sites used by rainwater pump stations, and other unused public property. The Seoul Housing and Communities Corp. (SH) announced on Thursday a [...]