Renters turning to buyers, notably in SMA: Korea’s Ministry of Land,Infrastructure and Transport on Sep 14 said there were 117,280 housing leasingtransactions in August, up 4.4% y-y but down 4.3% m-m. Over January-August, housingleasing transactions rose 1.6% y-y, slower than the 5.6% y-y growth seen over the sameperiod last year, and far below the growth in housing sales transactions (30.1% y-y). Also,given that leasing transactions declined m-m for a second straight month, we believerenters are turning to buyers amid surging jeonse prices.