While the South Korean Government tightens its mortgage rules to mitigate its growing household debt, a 33-year-old Chinese national purchased a luxury penthouse apartment worth 8.9 billion won ($7.51 million) in Seoul’s upscale district with 100 percent of the purchase price coming through a bank loan, drawing widespread concern. South Korea’s household debts have continued to rise due to the prolonged CCP virus pandemic. To prevent excessive loans from causing an economic crisis, the South Korean government has implemented restrictive measures on loans, making it extremely difficult to obtain mortgage loans for both citizens and foreigners. Since 2019, it has been impossible to acquire mortgage loans from South Korean banks when purchasing real estate of more than 1.5 billion won ($1.25 million) in high speculation areas designated by the government, such as Gangnam District. Foreign banks operating in South Korea must also comply with the rules. According to the office …
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