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SUMMARY
Yes. Gangnam is finally losing momentum: prices are falling in Gangnam-gu and Seocho while Seoul as a whole is still rising, transactions have collapsed, and more owners are testing the market.
The unusual part is not that Gangnam is weak. It is that cheaper districts such as Seongbuk, Jungnang, Nowon and Gangbuk are still rising quickly at the same time, which makes this a relative loss of leadership rather than a normal citywide correction.
Liquidity has weakened faster than headline prices. Permit filings across Gangnam, Seocho and Songpa fell by roughly three quarters from their spring level, suggesting buyers have stepped away much more sharply than the weekly price index alone implies.
Mortgage rules are creating a very uneven Seoul market. A fixed lending cap becomes almost trivial against a KRW 4 billion or KRW 6 billion Gangnam apartment, while financing still covers a meaningful share of a cheaper home elsewhere in the city.
That is helping push demand down the price ladder. Younger, mortgage-dependent buyers have not disappeared from Seoul; many are simply buying in districts where leverage still works, which helps explain why northern Seoul can rise while Gangnam softens.
More listings matter because Gangnam's past rallies were often reinforced by scarcity on the seller side. The current increase does not yet look like forced selling, but owners now have more competition and fewer buyers willing to meet boom-era asking prices.
Gangnam is also facing better competition at the premium end. Yongsan, Seongdong and Mapo now offer wealthy households credible alternatives, and ultra-luxury transactions in Hannam show that Gangnam no longer has a monopoly on Seoul's most expensive residential addresses.
The correction is uneven inside Gangnam itself. Ordinary expensive apartments are having a harder time finding buyers, while rare river-view units, flagship new developments and prime reconstruction assets can still clear extraordinary prices.
The deeper supports behind Gangnam have not broken. Daechi's education ecosystem remains powerful, the Gangnam Business District has exceptionally low office vacancy, and major reconstruction projects such as Eunma are moving through approvals much faster than they did historically.
That is why the current evidence points to a real loss of short-term momentum rather than the end of Gangnam's structural premium. The harder test comes next: if prices remain weak for several quarters, listings keep building and wealthy buyers increasingly choose other districts even after policy shocks are absorbed, then Seoul's property hierarchy will have genuinely started to change.
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Is Gangnam actually falling while the rest of Seoul is still rising?
Yes. Gangnam is currently doing something much more striking than simply cooling: apartment prices are falling in parts of the Gangnam 3 while Seoul as a whole is still going up.
The latest Korea Real Estate Board readings showed Gangnam-gu down 0.41% in one week and Seocho-gu down 0.23%. Gangnam had already fallen for several consecutive weeks before that, with the declines getting larger rather than fading. Songpa was almost flat.
Meanwhile, Seoul's apartment index still rose 0.22%. Seongbuk gained 0.54%, Jungnang 0.52%, Nowon 0.50% and Gangbuk 0.45%.
That gap tells us more than the Gangnam decline alone. If Seoul were falling everywhere, Gangnam's weakness would be easy to explain as part of a citywide correction. Instead, buyers are currently paying more in many cheaper districts while prices in some of Seoul's most expensive neighborhoods move backwards.
So Gangnam has clearly lost short-term price leadership. The harder question is whether this lasts long enough to change Seoul's property hierarchy.
| Area | Latest weekly apartment-price change | Current direction |
|---|---|---|
| Gangnam-gu | -0.41% | Falling |
| Seocho-gu | -0.23% | Falling |
| Songpa-gu | +0.01% | Almost flat |
| Seongbuk-gu | +0.54% | Rising fast |
| Jungnang-gu | +0.52% | Rising fast |
| Nowon-gu | +0.50% | Rising fast |
| Seoul average | +0.22% | Rising |
Why did Gangnam suddenly turn this weak?
Gangnam turned weak because expensive Seoul housing was hit by several restrictions at once, just after prices had already risen a long way.
Gangnam was hardly starting from a depressed market. During the earlier upswing, the three Gangnam districts continued posting strong gains even after the government repeatedly tightened housing rules. Songpa rose more than 20% over the previous year, while Gangnam and Seocho also recorded double-digit annual growth.
The market then ran into a much less friendly combination: tighter mortgage limits, high borrowing costs, more aggressive taxation of expensive property and growing uncertainty over how profitable it still is to hold a very valuable apartment for many years.
The timing matters. These measures hurt a KRW 4 billion or KRW 6 billion apartment far more than a KRW 800 million apartment because Gangnam buyers already depend much less on ordinary mortgage financing.
Sellers also started behaving differently. Listings increased in several expensive and reconstruction-heavy Gangnam complexes after the tax proposals became clearer.
Gangnam therefore entered the current correction with both sides of the market moving against prices: fewer people could finance purchases at the previous level, while more owners became willing to test the market.
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Is Gangnam's price drop already serious?
Gangnam's price correction is real now, although four consecutive weekly declines are still too short to call a long downturn.
The useful part of the latest data is the sequence. Gangnam-gu moved from small weekly falls to a 0.41% decline. Seocho followed a similar direction. When negative readings become larger over several weeks, it becomes harder to dismiss them as a few unusual transactions.
But Gangnam prices had risen sharply before this reversal. A few weeks of declines still erase only part of the preceding increase.
Thin trading also makes weekly numbers jumpier. When only a small number of apartments change hands in places such as Apgujeong or Daechi, a handful of discounted deals can quickly influence the district index.
We would become much more bearish if this continues for several quarters. Persistent price declines, rising inventory and weak transactions together would show that buyers have reset what they are willing to pay.
For now, Gangnam is in a genuine correction. We do not yet have evidence of a multi-year decline.
Have Gangnam buyers really disappeared?
Gangnam buyers have pulled back dramatically, and transaction activity is currently much weaker than the price indices alone suggest.
Permit filings across Gangnam, Seocho and Songpa fell from 1,607 in April to 368 in August, a drop of roughly 77%. Gangnam-gu fell about 79%, Seocho 78% and Songpa 76%.
Seoul also slowed, but several cheaper districts held up much better. Dobong and Geumcheon, for example, saw far smaller declines over a similar comparison.
Recent actual sales counts show the same divide. Gangnam and Seocho have been recording only a few dozen reported apartment transactions during periods when districts such as Nowon, Seongbuk and Jungnang were producing much larger totals.
Very recent transaction figures always need some caution because Korean deals can be registered with a delay. Still, a gap this large is difficult to explain through reporting lag.
The clearest reading is that Gangnam currently lacks enough buyers at sellers' preferred prices. Plenty of wealthy households still want Gangnam property. Far fewer are willing and able to transact at the prices reached during the previous boom.
| Measure | Earlier level | Recent level | Change |
|---|---|---|---|
| Gangnam 3 permit filings | 1,607 | 368 | -77.1% |
| Gangnam-gu filings | April level | August level | about -79% |
| Seocho-gu filings | April level | August level | about -78% |
| Songpa-gu filings | April level | August level | about -76% |
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Are more Gangnam owners trying to sell now?
Yes. More Gangnam owners are putting apartments on the market, including in reconstruction areas where available stock had previously been tight.
The shift became especially visible after the proposed tax changes. Real Estate 114 found listings at Shindonga Apartments in Suseo rising from 32 to 52, a 62.5% increase. Listings at other reconstruction complexes also jumped, with some reaching their highest levels in years.
Broader platform data showed the same direction across Gangnam and Seocho. Gangnam-gu listings rose by roughly the mid-teens over a relatively short period, while Seocho increased at a similar pace.
This is one of the more important changes in the current market. Gangnam's extraordinary price growth has often been reinforced by owners simply refusing to sell. Even strong buyer demand cannot create many transactions when available inventory is tiny.
Today, sellers have more competition.
We still do not see widespread forced selling. Many Gangnam owners have large capital gains, low leverage and enough wealth to wait. If bids come in too low, some can simply take their apartment off the market.
The danger starts if listings keep climbing and sellers begin accepting lower prices rather than waiting.
Are mortgage restrictions hitting Gangnam harder than northern Seoul?
Yes. Mortgage restrictions are much harsher in practice for Gangnam because even the maximum loan can cover only a tiny share of an expensive apartment.
Take a KRW 4 billion home. A KRW 600 million mortgage covers just 15% of the purchase price. At KRW 6 billion, it covers 10%. Under stricter lending limits that effectively leave a buyer with around KRW 200 million of mortgage capacity, those ratios fall to 5% and 3.3%.
A buyer therefore needs billions of won in cash or existing equity.
That is very different from buying a KRW 900 million or KRW 1.2 billion apartment elsewhere in Seoul. Even under tighter rules, borrowed money can still cover a meaningful part of the purchase.
This helps explain the strange market we see today. Housing demand has not vanished from Seoul. A meaningful part of it has moved toward properties where financing still works.
Gangnam's own success made it especially vulnerable to this rule. Once apartments became expensive enough, a lending cap that looked severe elsewhere became almost irrelevant as a source of financing in Gangnam.
| Apartment price | KRW 600m mortgage as share of price | KRW 200m mortgage as share |
|---|---|---|
| KRW 1.0bn | 60% | 20% |
| KRW 1.5bn | 40% | 13.3% |
| KRW 3.0bn | 20% | 6.7% |
| KRW 4.0bn | 15% | 5.0% |
| KRW 6.0bn | 10% | 3.3% |
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Is money moving from Gangnam into cheaper Seoul neighborhoods?
Yes. One of the clearest patterns in Seoul right now is that cheaper northern districts are rising while Gangnam and Seocho struggle.
Seongbuk, Jungnang, Nowon and Gangbuk have recently posted some of the strongest weekly gains in the city. In one recent comparison, the 14 districts north of the Han River were rising about four times faster on average than the 11 districts south of it.
Buyer demographics help explain why. People in their 30s have accounted for a very large share of recent Seoul apartment purchases. This group generally depends more on mortgage financing than households buying KRW 5 billion apartments in cash-heavy transactions.
When the government limits borrowing, these buyers do not necessarily stop looking for a home. Many move down the price ladder.
Nowon is a good example. Transaction activity there has stayed much stronger than in Gangnam during the latest slowdown, while apartment prices have continued rising.
That does not mean a Nowon apartment has suddenly become a substitute for Apgujeong. The buyer pools are very different. But Gangnam currently has less control over Seoul's overall price direction than it did during the previous rally.
Are Yongsan, Seongdong and Mapo taking Gangnam's place?
Not yet, but Gangnam now has more serious competition for wealthy buyers than it did a decade ago.
Seongdong apartment prices rose 18.75% over the previous year, while Mapo gained 14.22% and Yongsan 13.26%. These are already expensive central districts, so their growth cannot simply be explained by buyers searching for the cheapest corner of Seoul.
Yongsan has Han River frontage, major redevelopment projects and exceptional access to central Seoul. Seongdong has benefited from Seongsu becoming one of the city's strongest office, retail and luxury-consumption districts. Mapo offers fast access to major employment areas while remaining cheaper than core Gangnam.
The top end has shifted too. Ultra-luxury transactions now happen in Hannam and other parts of Yongsan at prices comparable with, or sometimes above, famous Gangnam properties. Nine One Hannam has produced transactions above KRW 20 billion.
This gives wealthy buyers choices they did not have to the same extent before.
Gangnam still combines several advantages in one place: top school districts, one of Seoul's main employment centers, huge concentrations of expensive apartments, major reconstruction projects and decades of prestige.
Its monopoly over premium Seoul living has weakened. Its lead has not disappeared.
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Are Gangnam's luxury apartments falling apart too?
No. Gangnam's ultra-luxury market is still clearing enormous transactions, which makes the current correction look very uneven.
Recent high-end deals have included an Apgujeong Shinhyundai apartment above KRW 11 billion and an Eterno Cheongdam unit above KRW 20 billion. Neighboring Seocho has also produced transactions well above KRW 10 billion at flagship developments such as Raemian One Bailey.
Those numbers do not mean the luxury market is healthy everywhere. Transaction volume is extremely thin, and a record sale says little about what hundreds of ordinary owners could obtain today.
What it does show is that very wealthy buyers still attach exceptional value to the best Gangnam properties.
The gap inside Gangnam is therefore getting wider. A rare river-view unit, new luxury development or prime reconstruction asset can still attract enormous private wealth. A more ordinary expensive apartment has to compete much harder once financing and taxes become less favorable.
This is probably how Gangnam behaves during the current slowdown: fewer transactions overall, much tougher price discovery in the middle of the market, and continued record-level spending on properties wealthy buyers consider irreplaceable.
Is Gangnam redevelopment slowing down too?
No. Gangnam redevelopment is actually moving faster, with Eunma Apartments providing one of the clearest examples.
Eunma spent more than two decades trying to get through Seoul's reconstruction process. The project passed an integrated review earlier this year, and Gangnam-gu then approved its project implementation plan only seven months after the revised redevelopment plan.
Seoul currently targets construction from 2028.
The approved project will replace 4,424 existing apartments with 5,850 homes across 29 buildings reaching as high as 49 stories. The plan includes 909 public rental homes and 195 public-sale units.
Gangnam-gu says the implementation approval itself was completed 33 days faster than the statutory processing period. The district has also created a dedicated reconstruction task force to push other projects through administrative bottlenecks.
The speed is unusual when compared with Eunma's history. A project that spent roughly two decades stuck in procedural limbo has now cleared major stages within months.
That gives Gangnam an important source of future value even while current apartment prices weaken.
| Eunma redevelopment | Current plan |
|---|---|
| Existing apartments | 4,424 |
| Planned apartments | 5,850 |
| Maximum height | 49 floors |
| Planned buildings | 29 |
| Public rental units | 909 |
| Public-sale units | 195 |
| Target construction start | 2028 |
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Could all this reconstruction eventually weaken Gangnam prices?
Reconstruction will add useful supply, but current projects are nowhere near large enough to flood Gangnam with cheap housing.
Eunma makes the scale easy to see. The project goes from 4,424 apartments to 5,850, meaning the net increase is around 1,400 homes.
That is meaningful locally. It is tiny relative to the amount of demand competing for homes across Gangnam and the wider southern Seoul market.
Reconstruction also upgrades the product. An ageing complex with outdated layouts, parking and common areas becomes a new 40- or 49-story development while keeping the same Daechi address, school access and transport links.
In many cases, that can increase the neighborhood's appeal.
There is a temporary supply problem in the other direction too. Before new apartments appear, thousands of residents have to leave buildings that are about to be demolished. If several major projects overlap, rental stock can tighten during construction.
New supply should make Gangnam slightly less scarce over time. It is much harder to argue that the approved pipeline is large enough to erase the district's scarcity premium.
Are Gangnam rents cooling too?
Yes. Gangnam and Seocho rents have recently softened, especially where large apartment completions are adding new rental choices.
Recent Korea Real Estate Board data showed Gangnam-gu jeonse prices down around 0.13% in one week and Seocho down around 0.10%. Seocho had already recorded several weaker readings before that.
Large move-ins help explain the timing. The H Bangbae adds more than 3,000 apartments in Seocho, while Raemian Trini One adds more than 2,000. When thousands of owners receive new apartments around the same time, some units inevitably appear on the rental market.
Elsewhere in Seoul, jeonse prices have continued rising. Seongbuk, Gangbuk, Nowon and Geumcheon have recently recorded much stronger rental growth.
Both sales and rental data are pointing in the same direction: expensive southern districts are absorbing new supply and tighter financing, while several cheaper districts remain much hotter.
The rental weakness is worth watching because it removes one source of support for investors. So far, though, it looks closely connected to new completions rather than a collapse in the number of people who want to live in Gangnam.
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Is Gangnam's famous school premium getting weaker?
We cannot see convincing evidence that Gangnam's school premium is weakening today.
Daechi remains one of Korea's deepest private-education clusters. Its advantage comes from the concentration of hagwons, tutors, students, parents and information built up over decades, rather than from one famous school that could easily be copied elsewhere.
Housing prices continue to reflect that demand. Before the latest correction, average apartment transaction prices in Daechi had reached roughly KRW 3.7 billion according to Real Estate R114, about 15% higher than a year earlier and substantially above the broader Gangnam-gu average at the time.
Even old apartments participate in the premium. Eunma was completed in 1979, yet an 84㎡ unit moved above KRW 4 billion during the previous rally.
Tighter mortgages can stop a family from buying that apartment. Higher taxes can make an owner reconsider holding it. Neither change makes Daechi's education ecosystem less attractive.
This is one of the reasons we remain more confident about Gangnam's long-term desirability than about its near-term prices.
Is Gangnam's business district weakening too?
No. Gangnam's commercial economy is currently holding up extremely well even as the apartment market cools.
CBRE's latest quarterly Seoul office report put average Grade A vacancy across Seoul's three major business districts at 4.2%. Gangnam Business District had the lowest vacancy of the three, supported by strong demand for prime buildings.
Gangnam vacancy was around 1.3%, down from roughly 2.0% the previous quarter.
Leasing across Seoul also reached its highest level in five quarters, with about 143,900 square meters of new leasing activity. CBRE highlighted continued demand from technology and manufacturing companies.
Retail has held up too. Gangnam high-street rents were up roughly 9% year over year in the latest CBRE data, while stronger tourism and consumer spending pushed vacancy lower across several of Seoul's main retail areas.
Seongsu is growing faster on some measures, including a roughly 14% annual rise in high-street rents. That makes Seongdong a more credible rival, but Gangnam itself is hardly becoming an economic backwater.
A residential downturn would look much more worrying if companies were leaving at the same time. We currently see the opposite.
| Commercial indicator | Latest Gangnam picture |
|---|---|
| Grade A office vacancy | About 1.3% |
| Previous-quarter vacancy | About 2.0% |
| Seoul three-district average | 4.2% |
| Gangnam high-street rents | About +9% YoY |
| Seoul Grade A leasing volume | Highest in five quarters |
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Has Gangnam simply become too expensive to keep rising this fast?
Yes. Gangnam's biggest problem today may simply be that prices have outrun the number of households capable of paying the next price.
A KRW 4 billion apartment does not need to become unpopular for appreciation to stop. The market only needs to run short of people ready to pay KRW 4.5 billion.
Gangnam now faces that problem more often because mortgage restrictions remove many leveraged buyers, while taxes make expensive ownership less attractive at the margin.
Competing neighborhoods have improved as well. Wealthy households can now find new luxury housing in Yongsan, Seongdong and Seocho, while younger professional buyers have increasingly attractive options in cheaper parts of Seoul.
Gangnam's resident population is also broadly mature rather than rapidly expanding. The district has hovered around the mid-500,000s, without the kind of population boom that could mechanically create ever-rising housing demand.
Future appreciation therefore depends heavily on wealthy households continuing to pay a larger premium for a limited number of addresses.
They may keep doing that. But the higher prices go, the smaller that buyer pool becomes.
What would convince us that Gangnam has genuinely lost its lead?
Gangnam will have genuinely lost its lead if today's weakness survives the current policy shock and starts showing up in several different parts of the market at once.
The strongest test is relative prices. If Gangnam stagnates or falls for several quarters while Seoul keeps rising, we are no longer looking at a short policy-driven correction.
Transactions are the next test. Lower prices should eventually bring buyers back. If Gangnam apartments become materially cheaper and trading still stays unusually weak, that would suggest demand itself has changed.
Listings also matter. The recent increase is manageable while wealthy owners remain willing to withdraw properties rather than accept low bids. A sustained build-up would tell us sellers have become more eager to leave.
Then there is competition. Yongsan, Seongdong and other premium districts would need to capture wealthy buyers consistently rather than simply outperform Gangnam for a few months.
Finally, Gangnam's deeper advantages would have to weaken. Today, its office market is strong, Daechi's education ecosystem remains intact and major reconstruction projects are advancing quickly.
We currently see a clear price and liquidity problem. We do not yet see Gangnam losing the reasons people pay extra to be there.
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So, is Gangnam finally losing momentum?
Yes, Gangnam is clearly losing momentum right now. The evidence is strong enough that calling the latest weakness a meaningless pause would understate what has changed.
Prices in Gangnam-gu and Seocho have fallen for several consecutive weeks while Seoul remains positive. Transaction activity across the Gangnam 3 has dropped by roughly three quarters from its spring level. More owners are listing apartments. Northern Seoul districts are currently rising much faster. Mortgage limits also hurt Gangnam more severely because the district's prices have become so high.
Taken together, those developments show a genuine break from the previous pattern in which Gangnam led Seoul almost automatically.
There are good reasons to think the next cycle will be harder too. Expensive housing faces more hostile taxation, financing is constrained, and Yongsan and Seongdong now compete seriously for affluent residents. Gangnam cannot rely as easily on ever-cheaper credit pushing a limited stock of apartments higher.
Still, saying Gangnam's dominance is ending would go too far.
The district's Grade A office market remains exceptionally tight. Its education premium is intact. Luxury buyers continue paying extraordinary prices for the best properties. Eunma and other major reconstruction projects are advancing faster than they have in years.
Our judgment is quite specific: Gangnam has lost short-term momentum, and its days of effortless outperformance may be ending. But Seoul has not yet found a district that combines enough of Gangnam's schools, jobs, wealth, redevelopment potential and prestige to replace it.
The next few quarters will tell us whether this is another correction or something rarer. If Gangnam keeps falling after financing and tax changes have been fully absorbed, while listings stay high and wealthy buyers increasingly choose other districts, then the structural story will have changed. As of now, the evidence has not reached that point.
OUR METHODOLOGY
This analysis tests whether Gangnam is genuinely losing momentum or simply going through another short policy-driven correction. We separate current market momentum from structural leadership and assess prices, transaction liquidity, listings, financing pressure, rental conditions, redevelopment, premium-market activity, education demand and the strength of Gangnam's commercial economy.
We give the most weight to fresh district-level housing data and transaction activity because those measures tell us what buyers and sellers are doing now. We then use financing rules and tax changes to explain why the market is moving, rather than treating policy announcements as proof of a price trend on their own.
Very recent Korean transaction counts are treated as directional rather than final because reported deals can arrive with a delay. That is why the article cross-checks weak transaction totals against permit filings, weekly price readings and listing trends instead of relying on one incomplete monthly number.
We also distinguish ordinary expensive apartments from the ultra-luxury market. Record transactions in Apgujeong, Cheongdam, Hannam or flagship Seocho developments show that deep private wealth is still active, but they do not tell us what a typical Gangnam seller can obtain in a thin market.
Redevelopment is treated as a long-term support factor rather than a simple supply story. Projects such as Eunma add homes, but they also replace ageing stock with newer housing in the same high-demand locations, so the relevant question is the net increase in supply and the quality of what replaces the old stock.
Key sources include the Korea Real Estate Board weekly apartment price trends for August 10, 2026, the August 24, 2026 weekly reading, and the August 31, 2026 weekly reading for district-level sale and jeonse movements.
For financing, we use the Financial Services Commission's June 2025 household-debt measures, its October 2025 housing-loan measures, and the 2026 extension of strengthened loan regulations. These sources establish the mortgage ceilings and price-tiered restrictions used in the financing comparisons.
For transactions, we use the Ministry of Land, Infrastructure and Transport's Real Transaction Price Disclosure System, its apartment transaction search, its quarterly transaction search, and its transaction-reporting methodology.
For reconstruction, we rely on Gangnam-gu's Eunma project implementation approval, the formal approval notice, and Gangnam-gu material on its reconstruction acceleration project and faster approval processing.
For the broader structural picture, we use Gangnam-gu's August 2026 resident population statistics and historical monthly population series, CBRE's Seoul Figures Q2 2026 and Q2 2026 Seoul market release, the Ministry of Land, Infrastructure and Transport's 2026 official apartment valuations, and the Seoul Metropolitan Government's population statistics.
The final judgment is based on whether these independent measures point in the same direction. Falling prices, collapsing liquidity and rising listings are enough to establish a loss of short-term momentum. A claim that Gangnam is losing its structural lead requires a higher bar: weakness would need to persist while competing districts keep capturing affluent demand and Gangnam's deeper advantages in jobs, education, redevelopment and prestige begin to erode as well.
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