Gov’t to announce plan to supply 850,000 homes to cool property market

SEJONG-- The government is expected to announce a plan this week to provide a total of 850,000 homes to cool down the overheated property market, government and parliamentary officials said Wednesday.

Under the plan, likely to be unveiled Thursday, about 325,000 units will be supplied in Seoul, and the rest in other major cities, including Busan, Daegu and Gwangju, where property prices have soared over the recent months, the officials said.

Public companies like Korea Land & Housing Corp. and Seoul Housing & Communities Corp. will lead the project to offer quality housing at lower prices, they said.

The government plans to sell more houses to the public instead of increasing public rental houses in the new housing supply project, the officials said.

Source: Yonhap News Agency

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