Seoul Mayor Oh Se-hoon has asked the government to relax restrictions on the reconstruction of old apartment buildings during a meeting with President Moon Jae-in on Wednesday. 

According to a senior presidential official who relayed the conversation, the new Seoul mayor said that stricter safety inspections have prevented reconstruction altogether.

Moon expressed concerns over home prices further heating up but said easing guidelines could be possible if market stabilization measures are guaranteed. 

President Moon said if reconstruction is easily allowed, that can fuel housing costs and it would be a waste to rebuild a perfectly fine building only for the profit of property owners. 

He said that Seoul City and the central government do not differ in aiming to stabilize home prices, suppress speculation and increase supply.

Meanwhile, regarding North Korea's decision to skip the Tokyo Summer Olympics, the president said he doesn't think it's irreversible. 

Moon added that it's too early to give up on co-hosting the 2032 Olympics with Pyongyang despite media reports that Australia's Brisbane is ahead as a candidate. He said it is possible for Seoul to bid by itself and then persuade Pyongyang to co-host.