South Korea's President says real estate policy a key reason for by-election losses

President Moon Jae-in delivers a special address at the Chunchugwan press room of Cheong Wa Dae in Seoul on Monday. (Yonhap)

SEOUL, May 10 (Korea Herald/ANN) - President Moon Jae-in on Monday agreed to modify some of his real estate policies, calling them a main reason for voters' "severe punishment" for his party in recent local by-elections.

"(My government) has failed to achieve the aim of stabilizing property prices and (the party) received a severe punishment for that," Moon said during a press conference at Cheong Wa Dae held to mark the fourth anniversary of his inauguration.