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South Korea Presidential Hopeful Warns of Housing Market Crash

Hong Jun-pyo
Hong Jun-pyoPhotographer: Jean Chung/Bloomberg

South Korea’s leading opposition candidate warned of a potential collapse in the housing market and a spike in bankruptcies as interest rates rise, blaming President Moon Jae-in for letting debt levels hit a record through expansionary spending.

Hong Joon-pyo, one of the top-ranked conservatives seeking to be the next president, said the current level of fiscal spending is unsustainable with government debt expected at over 1,000 trillion ($855 billion) next year.