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(LEAD) S. Korea to draw up measure to supply more homes in Seoul, neighboring area by end-July

All News 17:34 July 20, 2020

(ATTN: UPDATES with finance minister's remarks; AMENDS headline; TRIMS)

SEJONG, July 20 (Yonhap) -- South Korea will draw up measures to supply more homes in Seoul and its neighboring areas by the end of this month, Finance Minister Hong Nam-ki said Monday, in the latest move to curb rising home prices.

Hong said an uptick in home prices recently showed signs of a slight slowdown, but the government will announce measures to supply more homes by the end of July.

With the coronavirus crisis deepening around the world, Hong said it is likely to take more time for exports to recover from the pandemic, Hong said.

The government will take all possible measures for an economic recovery in the second half of this year, Hong said.

Finance Minister Hong Nam-ki attends a meeting with economy-related ministers on July 20, 2020, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)

Earlier this month, the central government announced its toughest measures yet to rein in rising housing prices, as a series of steps, including tax hikes and loan regulations, failed to put a brake on soaring home prices.

Record-low interest rates and excess liquidity, which has been pumped into the market to help revive the virus-hit economy, have contributed to soaring home prices, analysts said.


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