South Korea to elect new chief to sort out hovering home costs and inequality


The winner of the election will face mounting challenges including deepening inequality and surging housing prices that have strained Asia’s fourth-largest economy.

A total of 14 candidates initially registered, but it has shaped up as a tight two-way race between Lee Jae-myung, the standard-bearer of the ruling Democratic Party, and Yoon Suk-yeol, from the conservative main opposition People Power Party.

They are vying to succeed incumbent President Moon Jae-in, who is constitutionally barred from seeking reelection. The winner’s single, five-year term is set to start on May 10.

Polls showed a slight edge for Yoon, who secured a surprise, last-minute boost last week when Ahn Cheol-soo of the People Party, a fellow conservative running a distant third, dropped out and threw his support behind Yoon.

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A survey by Embrain Public estimated the merger could give Yoon 47.4% to Lee’s 41.5%, while an Ipsos poll tipped the margin with Ahn at a slightly wider 48.9% to 41.9% for Yoon.

A former…