Politics · South Korea · 2 hrs ago
South Korea's ruling party backs faster housing construction and rejects pension claims
At a meeting in South Korea's National Assembly, Democratic Party policy chief Kwon Chil-seung called for faster housing construction.
President Lee Jae Myung has also urged officials to shorten the time from preparing land to starting construction.
Kwon said the party would look for causes of delays and speed projects through shorter land compensation and modular homes.
He also proposed expanding support for permits, saying this could help address delays and rising construction costs in urban renewal projects.
Kwon rejected the opposition People Power Party's claim of 182 trillion won in losses, saying it referred to changes in the value of some shares held by the National Pension Service, not losses across the whole fund.
He also denied that the government had stopped the fund from selling shares, and said a temporary pause in rebalancing was an adjustment to investment allocations.
Kwon urged the opposition to stop using pension funds in political disputes.
South Korea’s ruling Democratic Party called for faster housing construction through shorter land-compensation periods, modular homes and quicker permits.
Policy chief Kwon Chil-seung said the party would examine causes of supply delays and expand support for permits.
Kwon rejected opposition claims about losses and government restrictions on National Pension Service stock sales.
He said a 182 trillion won loss claim referred to changes in the value of some listed shares, not losses across the entire fund.
- Who
- Kwon Chil-seung, policy chief of South Korea’s ruling Democratic Party.
- What
- He backed measures to speed housing supply and rejected opposition claims about the National Pension Service.
- When
- October 22, 2026.
- Where
- At the National Assembly in Seoul.
- Why
- The party aims to speed housing supply and, Kwon said, correct claims he described as unfounded and politically motivated.
Democratic Party
People Power Party
National Pension losses
Democratic Party
Kwon said the claimed 182 trillion won loss was not a loss across the entire fund, but reflected changes in the value of some listed shares.
People Power Party
The party claimed the National Pension Service had suffered losses of 182 trillion won.
Stock sales
Democratic Party
Kwon said the claim that the government had prevented stock sales was false; a January rebalancing delay was a temporary adjustment to investment weights.
People Power Party
The party claimed the government had prevented the pension fund from selling stocks.
Use of pension funds
Democratic Party
Kwon said retirement funds should not be portrayed as speculative money or used as a political tool.
People Power Party
Kwon said the opposition had called the fund a “casino” and alleged stock-price boosting for election purposes.
The National Pension Fund Management Committee temporarily deferred rebalancing, which Kwon described as an adjustment to investment weights.
Kwon spoke at a National Assembly audit-response meeting in Seoul about speeding housing supply and disputed claims concerning the National Pension Service.
- Housing measures
- Shorter land-compensation periods, modular homes and expanded permit support
- Party
- Democratic Party
- Speaker
- Kwon Chil-seung, policy chief
- Opposition party
- People Power Party
- Claim disputed
- 182 trillion won in losses
- Location
- National Assembly, Seoul
1 source
What people are saying
We will work to increase the public’s sense of housing supply achievements while also establishing a sustainable foundation for supply.
We will examine factors causing supply delays and consider various measures to speed supply, including shortening land-compensation and expropriation periods and using modular housing.
The claim of a 182 trillion won loss is completely different from the facts.
The People Power Party should immediately stop political agitation.