Cheong Wa Dae defends comprehensive real estate tax relief for non-resident homeowners

Cheong Wa Dae said Friday that changes to the comprehensive real estate tax affecting single-home owners who do not live in their properties reflect public opinion "within a range that does not undermine the basic intent" of the tax, pushing back against criticism that the reform gutted the policy's original purpose.

Ha Jun-kyung, chief economic growth secretary at Cheong Wa Dae, made the remarks on SBS Radio's "Kim Tae-hyun's Politics Show" when asked about the rationale behind the tax overhaul.

"Even for non-resident single-home owners, we are easing the comprehensive real estate tax burden while continuing to give greater preference to owner-occupiers," Ha said. "There are safeguards in place on multiple other fronts to uphold that core principle."

On the question of building apartments in Yongsan Park, Ha proposed opening the matter to public deliberation. "The question is whether the best use of that land is to build homes there, or to further develop it as a park — that is something society should discuss," he said.

Responding to criticism that Cheong Wa Dae has kept too tight a grip on economic policy and left cabinet ministries with little autonomy, Ha acknowledged that the presidential office had taken a more hands-on role early on. "When this administration launched last year, we started without a transition committee," he said. "There was inevitably a period when Cheong Wa Dae was seen taking the lead in solving problems." He added, however, that the office is now working closely with the relevant ministries.

Asked whether the turmoil caused by single-stock leveraged exchange-traded funds had subsided, Ha said trading volume and turnover speed for such products had fallen sharply. "I think the possibility of these products affecting the broader market is now very limited," he said.