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S. Korea set to unveil measures to supply more homes in greater Seoul area

All News 09:21 August 04, 2020

SEOUL, Aug. 4 (Yonhap) -- South Korea is set to unveil measures to supply more homes in Seoul and its neighboring area, in the latest effort to stabilize housing prices, the country's chief economic policymaker said Tuesday.

The measures will include supplying state-run rental homes for people with no homes and young people, Finance Minister Hong Nam-ki said.

The government is considering using a military-run golf course in northern Seoul as land for new homes, but it will not open up other greenbelt zones in the Seoul metropolitan area to make more land available for housing, Hong said.

At the same time, the government will redouble efforts to root out speculative investment in the property market, Hong said.

The government will unveil the measures later in the day.

Last month, the 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 the brakes 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.

Finance Minister Hong Nam-ki speaks at a meeting on the property market on Aug. 4, 2020. (Yonhap)

kdh@yna.co.kr
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