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Gov't to push forward home supply plan: finance minister

All News 09:48 August 05, 2020

SEOUL, Aug. 5 (Yonhap) -- South Korea will push forward its latest housing supply plan in Seoul and the neighboring areas as scheduled despite simmering discord with the Seoul city government, the finance minister said Wednesday.

On Tuesday, the government announced it will supply 132,000 housing units in the greater Seoul area by 2028 by easing regulations for reconstruction of aged apartments, which centers on allowing up to 50 floors for redeveloped residential buildings, in its latest efforts to stabilize the real estate market.

Finance Minister Hong Nam-ki delivers a speech in a meeting with officials in charge of real estate policies at Government Complex Seoul on Aug. 5, 2020. (Yonhap)

In a briefing held after the release of the government's supply plan, however, the Seoul city government said it will stick to its basic urban plan that restricts apartment buildings to a maximum of 35 floors.

"The Seoul city government didn't oppose the (central government's) plan to supply more homes, and it asked for amendments in the current rules involving the private-sector reconstruction projects," Finance Minister Hong Nam-ki said in a meeting with officials in charge of real estate policies in Seoul.

The government will cooperate with the Seoul city government and representatives of apartment reconstruction projects to push ahead with the home supply plan, he said.


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