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S. Korea hit by bubble concerns

SEOUL, Nov. 14 (UPI) -- South Korea's unpopular leader suffered another blow Tuesday as a group of his aides offered to resign after public outcry over soaring house prices.

Construction Minister Chu Byung-jik has offered his resignation to President Roh Moo-hyun, holding himself responsible for the failure of the government's real estate policy, Roh's office said.

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Lee Baek-man, senior presidential secretary for public information, and Chung Moon-soo, a presidential economic policy adviser, have also said they would step down.

"They offered to resign in order to relieve political burdens on the president, but it is not clear yet whether the president will accept their resignations," a presidential official said.

The three officials have been under fire for their failure to curb skyrocketing house prices, which caused concerns about the possible bursting of a real estate bubble.

Roh Moo-hyun has repeatedly vowed that his government would do whatever it could to calm the housing market, but his remarks have only triggered house-buying sprees, highlighting deep public distrust of government policies.

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