Seoul Economic TV issued a formal apology on May 21 over a report claiming that Chinese buyers had massively purchased apartments in Seoul's affluent Gangnam district, after South Korean President Lee Jae-myung condemned the program as "deliberately fabricated fake news" that "incited anti-China sentiment."
The broadcaster released the apology statement in the name of all employees, acknowledging problems in the production process of the program.
Seoul Economic TV had previously aired a report claiming that "Chinese buyers suddenly purchased 944 apartments in Seoul's Gangnam district, sweeping up housing supply in the market."
In its apology statement, the broadcaster said it had "placed excessive focus on ratings and public attention" during production, while "deficiencies in the internal review mechanism" failed to effectively filter out false content.
The station added that it "sincerely apologizes for the discomfort and confusion caused to many people."
Lee wrote on social media on May 21 that official verification showed Chinese nationals purchased only five cases of "collective buildings" in Gangnam District between January and April this year.
He said the program used "content that incited anti-China sentiment," which could be regarded as "deliberately fabricated fake news."
"What benefit is there to the country or the people when a so-called media outlet — especially an economic media outlet — incites anti-China sentiment?" Lee wrote.
"Those responsible should be held seriously accountable," he added.
According to reports, the television station has removed the false report and re-produced the program using statistical data on foreign property purchases in South Korea compiled by the country's Ministry of Land, Infrastructure and Transport.
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