S. Korea may ease construction rules to help create more homes

South Korea may ease some construction rules such as those related to residential floor area ratio and floor-to-floor height per apartment building to supply more homes in Seoul and the neighboring area.

According to Finance Minister Hong Nam-ki, the government will draw up comprehensive measures to encourage the construction of residential structures in Seoul and the neighboring area.

Hong met with senior policymakers last week to discuss solutions for the housing shortage in the densely populated area.

With Defense Minister Jeong Kyeong-doo joining the meeting, there were speculations that military-owned land may be utilized to build homes.

The ruling Democratic Party said that the government would announce measures that could create over 100,000 new homes on August 4.

Among those that would be announced the government's plan to develop policies aimed at preventing speculative home purchases by foreigners.