{"id":2206621,"date":"2024-09-27T16:55:51","date_gmt":"2024-09-27T07:55:51","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206621"},"modified":"2024-09-27T16:55:51","modified_gmt":"2024-09-27T07:55:51","slug":"south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/","title":{"rendered":"South Korea\u2019s extended short-selling ban poses risk to market liquidity"},"content":{"rendered":"

South Korea\u2019s financial watchdog <\/span>announced<\/span><\/a> on Friday that it would extend the country\u2019s short-selling ban until March 31, 2025 to allow time for the implementation of a new system to detect illegal naked short selling.\u00a0<\/span><\/p>\n

While the Financial Services Commission (FSC) framed this extension as necessary to protect retail investors and restore market stability, the decision introduces significant risks to South Korea\u2019s financial market, threatening to spook foreign investors by increasing uncertainty and threatening to curtail short-selling activity.<\/span><\/p>\n

EXTENDED BAN<\/b><\/p>\n

The FSC <\/span>initially imposed<\/span><\/a> its short-selling ban in Nov. 2023 to address illegal naked short selling by institutional investors, with cases involving multiple financial institutes.<\/span><\/p>\n

However, the decision to extend the ban to allow for the full rollout of the new so-called Naked Short-Selling Detecting System creates more uncertainty for businesses and investors.<\/span><\/p>\n

Global institutional investors, which depend on short selling to manage portfolio risks, will continue to face an unpredictable regulatory environment.\u00a0<\/span><\/p>\n

Moreover, while the FSC aims to introduce transparency and safeguard the market from manipulative practices, the lack of clarity surrounding the new system risks alienating these investors.<\/span><\/p>\n

The extended ban also raises questions about whether the FSC\u2019s approach is overly restrictive, limiting essential market mechanisms that allow for price correction and improve liquidity.<\/span><\/p>\n

\"\"

An electronic display at the Korea Exchange that highlights the KOSPI and KOSDAQ stock indices, July 25, 2024 | Image: Korea Pro<\/em><\/p><\/div>\n

ELECTRONIC MONITORING<\/b><\/p>\n

The Naked Short-Selling Detecting System, which is expected to provide post-trade audits of short-selling activities, will reportedly prevent illegal naked short selling by requiring institutional investors to demonstrate that they have borrowed the securities they are selling.<\/span><\/p>\n

Both domestic and foreign institutional investors will be required to build internal compliance systems to manage short-selling activities and report these to the central system.<\/span><\/p>\n

If they fail to comply, the FSC will impose fines of up to six times the illegal profits and imprisonment for severe violations, with sentences ranging from a minimum of one year for illegal gains below $3.8 million (5 billion won), three years for gains between $3.8 million and $38 million (5 billion and 50 billion won) and five years to life imprisonment for gains exceeding $38 million.<\/span><\/p>\n

The system will likely impose significant compliance costs. Large global institutions like <\/span>BNP Paribas and HSBC<\/span><\/a>, which have already been penalized for short-selling violations, will likely have to overhaul their internal controls to ensure they comply with the new regulations.<\/span><\/p>\n

Additionally, all short-selling activities, including over-the-counter trades (\uc7a5\uc678\uac70\ub798), must be reported to the FSC\u2019s centralized system. This additional regulatory requirement may slow down trading processes.<\/span><\/p>\n

It remains to be seen if the FSC has provided sufficient time to implement such a comprehensive monitoring system. With the March 2025 deadline fast approaching, questions remain about whether the monitoring system will be able to detect and prevent illegal activities without disrupting legitimate market operations.<\/span><\/p>\n

Any delays or technical shortcomings in the rollout will likely further erode investor confidence.<\/span><\/p>\n

CAPITAL FLIGHT RISK<\/b><\/p>\n

Foreign institutional investors account for <\/span>almost 27%<\/span><\/a> of the trading volume on South Korea\u2019s KOSPI index, down from a high of 35% in 2021. Foreign investors have already led in selling Korean holdings, and the prolonged short-selling ban and uncertainty surrounding the new short-selling monitoring system could instigate further capital flight.<\/span><\/p>\n

Global investors rely on short selling to hedge against market risks and maintain portfolio balance. The short-selling ban has already limited investors\u2019 flexibility in managing their investments. Extending the ban will further enforce the barrier that prevents investors from reengaging with the South Korean market.<\/span><\/p>\n

The additional compliance requirements imposed by the FSC, including regular audits by securities firms, raise the operational costs for foreign investors. The FSC\u2019s strict compliance checklist, which requires detailed reporting of short-selling positions and trades, adds layers of complexity to the investment process.<\/span><\/p>\n

For large institutions, this may reduce the attractiveness of South Korea as a destination for capital, particularly when compared to other financial hubs like Singapore or Tokyo, where short selling remains regulated but not restricted.<\/span><\/p>\n

Historical data shows that foreign direct investment flows are highly sensitive to regulatory uncertainty. South Korea\u2019s <\/span>previous short-selling bans<\/span><\/a> during the 2008 global financial crisis and the 2020 pandemic occurred during periods of severe economic distress.<\/span><\/p>\n

In contrast, the current extension occurs at a time when the broader market is relatively stable. Foreign investors will likely interpret this as a sign of regulatory overreach, leading them to withdraw their capital in favor of markets with fewer restrictions.<\/span><\/p>\n

\"\"

Financial Services Commission Chairman Kim Byung-hwan answers reporters’ questions, Sept. 12, 2024 | Image: ROK Financial Services Commission<\/a><\/em><\/p><\/div>\n

DOMESTIC LIQUIDITY CHALLENGES<\/b><\/p>\n

The short-selling ban has already had a noticeable impact on liquidity in the South Korean market, particularly for small and medium-sized enterprises (SMEs). These companies, which are often <\/span>more vulnerable to market fluctuations<\/span><\/a>, rely on active trading to maintain stable stock valuations.<\/span><\/p>\n

With short sellers removed from the market, price discovery becomes distorted, potentially leading to inflated stock prices for some firms.<\/span><\/p>\n

Short selling plays an essential role in correcting overvalued stock prices, and its absence creates an environment where stock valuations may become disconnected from underlying fundamentals.<\/span><\/p>\n

Without the corrective mechanism that short selling provides to counterbalance bullish market sentiment, SMEs could face a bubble-like scenario where stock prices are artificially high, only to experience sharp corrections when short selling is eventually reintroduced.<\/span><\/p>\n

The liquidity constraints are also affecting the ability of SMEs to raise capital. In an environment where trading volume is reduced, smaller companies tend to struggle to attract investment, as investors shy away from markets with low liquidity.<\/span><\/p>\n

The inability to raise funds through stock issuances limits these firms\u2019 capacity for growth, stifling their expansion plans. As a result, SMEs may continue to face financial difficulties, further exacerbating the economic challenges posed by the initial ban.<\/span><\/p>\n

MARCH 2025 AND BEYOND<\/b><\/p>\n

The risks posed by the FSC\u2019s regulatory approach will likely persist unless the Naked Short-Selling Detecting System is implemented effectively. While the FSC has promised that the system will be operational by March, the technical and logistical challenges involved in building a comprehensive monitoring framework are likely significant.<\/span><\/p>\n

If the FSC fails to meet this deadline or if the system is not as effective as anticipated, the government will likely extend the short-selling ban further, leading to even greater uncertainty for businesses and investors.<\/span><\/p>\n

On the positive side, if the system is successfully implemented, it could restore confidence in South Korea\u2019s markets. A more transparent regulatory framework, combined with stricter enforcement of short-selling rules, may attract long-term institutional investors who value market stability.<\/span><\/p>\n

However, much will depend on how well the FSC balances the need for regulation with the need to maintain market efficiency. The new system must not only prevent illegal practices but also allow for the smooth functioning of legitimate short-selling activities.<\/span><\/p>\n

The broader economic impact of the ban will also need to be considered. South Korea\u2019s technology and manufacturing sectors, which rely on foreign investment for growth, could see reduced inflows if foreign investors continue to view the market as unpredictable. Slower capital flows will likely translate into slower economic growth, limiting job creation and stifling innovation.<\/span><\/p>\n

While the Naked Short-Selling Detecting System may eventually address illegal practices and restore confidence, the extended timeline and regulatory uncertainty could have long-lasting consequences.<\/span><\/p>\n

Reduced liquidity, capital flight and the potential for market volatility pose significant risks for domestic and international investors. As South Korea moves forward, the success of its regulatory reforms will depend on the FSC\u2019s ability to implement its system effectively and balance the competing demands of investor protection and market efficiency.<\/span><\/p>\n

Edited by Alannah Hill<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Technology & Cyber<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

South Korea\u2019s financial watchdog announced on Friday that it would extend the country\u2019s short-selling ban until March 31, 2025 to allow time for the implementation of a new system to detect illegal naked short selling.\u00a0 While the Financial Services Commission (FSC) framed this extension as necessary to protect retail investors and restore market stability, the […]<\/p>\n","protected":false},"author":10407,"featured_media":2206622,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,29],"yoast_head":"\nSouth Korea\u2019s extended short-selling ban poses risk to market liquidity - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s extended short-selling ban poses risk to market liquidity - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s financial watchdog announced on Friday that it would extend the country\u2019s short-selling ban until March 31, 2025 to allow time for the implementation of a new system to detect illegal naked short selling.\u00a0 While the Financial Services Commission (FSC) framed this extension as necessary to protect retail investors and restore market stability, the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/\" \/>\n<meta property=\"og:site_name\" content=\"KOREA PRO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-27T07:55:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/09\/feature-6.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1870\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"John Lee\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"South Korea\u2019s extended short-selling ban poses risk to market liquidity\",\"datePublished\":\"2024-09-27T07:55:51+00:00\",\"dateModified\":\"2024-09-27T07:55:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/\"},\"wordCount\":1277,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/09\/feature-6.png\",\"keywords\":[\"Business & Economy\",\"Technology & Cyber\"],\"articleSection\":[\"Analysis\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/\",\"url\":\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/\",\"name\":\"South Korea\u2019s extended short-selling ban poses risk to market liquidity - KOREA PRO\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/09\/feature-6.png\",\"datePublished\":\"2024-09-27T07:55:51+00:00\",\"dateModified\":\"2024-09-27T07:55:51+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#primaryimage\",\"url\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/09\/feature-6.png\",\"contentUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/09\/feature-6.png\",\"width\":1870,\"height\":1000},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/koreapro.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"South Korea\u2019s extended short-selling ban poses risk to market liquidity\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/koreapro.org\/#website\",\"url\":\"https:\/\/koreapro.org\/\",\"name\":\"KOREA PRO\",\"description\":\"Be smart about South Korea. Up-to-date analysis on foreign relations, politics, society and economy. Made by the producers of NK PRO and NK News.\",\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/koreapro.org\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/koreapro.org\/#organization\",\"name\":\"KOREA PRO\",\"url\":\"https:\/\/koreapro.org\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png\",\"contentUrl\":\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png\",\"width\":360,\"height\":50,\"caption\":\"KOREA PRO\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/nknewsorg\/\",\"https:\/\/x.com\/southkoreapro\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"South Korea\u2019s extended short-selling ban poses risk to market liquidity - KOREA PRO","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/","og_locale":"en_US","og_type":"article","og_title":"South Korea\u2019s extended short-selling ban poses risk to market liquidity - KOREA PRO","og_description":"South Korea\u2019s financial watchdog announced on Friday that it would extend the country\u2019s short-selling ban until March 31, 2025 to allow time for the implementation of a new system to detect illegal naked short selling.\u00a0 While the Financial Services Commission (FSC) framed this extension as necessary to protect retail investors and restore market stability, the […]","og_url":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/","og_site_name":"KOREA PRO","article_publisher":"https:\/\/www.facebook.com\/nknewsorg\/","article_published_time":"2024-09-27T07:55:51+00:00","og_image":[{"width":1870,"height":1000,"url":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/09\/feature-6.png","type":"image\/png"}],"author":"johnleenknews","twitter_card":"summary_large_image","twitter_creator":"@southkoreapro","twitter_site":"@southkoreapro","twitter_misc":{"Written by":"John Lee","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#article","isPartOf":{"@id":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/"},"author":{"name":"johnleenknews","@id":"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d"},"headline":"South Korea\u2019s extended short-selling ban poses risk to market liquidity","datePublished":"2024-09-27T07:55:51+00:00","dateModified":"2024-09-27T07:55:51+00:00","mainEntityOfPage":{"@id":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/"},"wordCount":1277,"publisher":{"@id":"https:\/\/koreapro.org\/#organization"},"image":{"@id":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#primaryimage"},"thumbnailUrl":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/09\/feature-6.png","keywords":["Business & Economy","Technology & Cyber"],"articleSection":["Analysis"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/","url":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/","name":"South Korea\u2019s extended short-selling ban poses risk to market liquidity - KOREA PRO","isPartOf":{"@id":"https:\/\/koreapro.org\/#website"},"primaryImageOfPage":{"@id":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#primaryimage"},"image":{"@id":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#primaryimage"},"thumbnailUrl":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/09\/feature-6.png","datePublished":"2024-09-27T07:55:51+00:00","dateModified":"2024-09-27T07:55:51+00:00","breadcrumb":{"@id":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#primaryimage","url":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/09\/feature-6.png","contentUrl":"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2024\/09\/feature-6.png","width":1870,"height":1000},{"@type":"BreadcrumbList","@id":"https:\/\/koreapro.org\/2024\/09\/south-koreas-extended-short-selling-ban-poses-risk-to-market-liquidity\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/koreapro.org\/"},{"@type":"ListItem","position":2,"name":"South Korea\u2019s extended short-selling ban poses risk to market liquidity"}]},{"@type":"WebSite","@id":"https:\/\/koreapro.org\/#website","url":"https:\/\/koreapro.org\/","name":"KOREA PRO","description":"Be smart about South Korea. Up-to-date analysis on foreign relations, politics, society and economy. Made by the producers of NK PRO and NK News.","publisher":{"@id":"https:\/\/koreapro.org\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/koreapro.org\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/koreapro.org\/#organization","name":"KOREA PRO","url":"https:\/\/koreapro.org\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/koreapro.org\/#\/schema\/logo\/image\/","url":"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png","contentUrl":"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2022\/11\/logo.png","width":360,"height":50,"caption":"KOREA PRO"},"image":{"@id":"https:\/\/koreapro.org\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/nknewsorg\/","https:\/\/x.com\/southkoreapro"]}]}},"_links":{"self":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts\/2206621"}],"collection":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/users\/10407"}],"replies":[{"embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/comments?post=2206621"}],"version-history":[{"count":1,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts\/2206621\/revisions"}],"predecessor-version":[{"id":2206626,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/posts\/2206621\/revisions\/2206626"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/media\/2206622"}],"wp:attachment":[{"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/media?parent=2206621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/categories?post=2206621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/koreapro.org\/wp-json\/wp\/v2\/tags?post=2206621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}