The South Korean government has unveiled additional plans to increase housing supply in the capital area to stabilize the overheating real estate market.
For more on this, I have our Yoon Jung-min on the line for us.
Jung-min, walk us through what was revealed.
Mark. First, the government says it will supply more than 130-thousand additional homes in Seoul and the surrounding areas.
That brings the total number of new homes announced recently to 260-thousand in total.
To do that, the government plans to develop unused sites in the capital area.
Those include a golf course in Taereung, Seoul.
Other undeveloped areas include military sites and state-owned land.
Finance minister Hong Nam-ki said however, that the government has no plans to allow further building on greenbelt areas.
The government will raise the floor area ratio by up to 500 percent for reconstruction, for firms working with public institutions like Korea Land & Housing Corporation.
Also, reconstructed apartment buildings can go up as high as 50 floors.
Currently, those buildings in Seoul can go up no higher than 35 floors.
The government will prioritize securing houses for those who don't own their home, particularly young people and couples not yet on the property ladder.
This afternoon, the ruling party plans to put to a vote revisions on real estate policy, including raising tax rates on those who own multiple homes, particularly in speculative areas.
That's all from me now, but I'll bring you updates for our later newscasts. Mark.