South Korea unveils package to boost housing supply, support young buyers

SEOUL, Aug 13 : South Korea said on Thursday it would raise financial support for construction projects and ease regulations for young homebuyers as part of efforts to stabilise a red-hot housing market. Earlier this month, the government of President Lee Jae Myung proposed higher taxes on wealthy homeowners. Lee's approval ratings have been falling on rising house prices and stock market volatility. Thursday's measures are aimed at "stabilising the property market by stimulating housing supply and through a comprehensive financial package for young people and those with actual demand," the Financial Services Commission said in a statement. The FSC said it would raise policy support for financing construction projects to 47.8 trillion won ($33.72 billion) or more, from a planned 26.3 trill