South Korea’s central bank governor has called for a cap on university admissions from Seoul’s most upmarket neighbourhoods as a “drastic solution” to the capital’s runaway housing market.
Cut-throat competition among parents for private exam tutors and university admissions coaches clustered in the exclusive Gangnam district is driving up house prices and borrowing, he said, exacerbating inequality and accelerating the depopulation of provincial areas.
“The Korean education system is often praised by world leaders, but they don’t know the reality,” Rhee Chang-yong, governor of the Bank of Korea, told the Financial Times.
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