Korean retail investors sell stocks to buy luxury homes

Glonhui June 15 — According to Yonhap News Agency, data shows that about 3.7 trillion Korean won (approximately 16.539 billion RMB) raised from the disposal of stocks and bonds in South Korea this year has flowed into the residential market. Of this, about 65%—a total of 2.4 trillion Korean won (approximately 10.728 billion RMB)—was used for property purchases in Seoul, with funds highly concentrated in Gangnam District (370.691 billion Korean won, approximately 1.657 billion RMB), Songpa District (353.151 billion Korean won, approximately 1.579 billion RMB), Seocho District (290.382 billion Korean won, approximately 1.310 billion RMB), the three main areas of Gangnam. Gangnam, Songpa, and Seocho are renowned affluent districts in Seoul.