Housing supply

South Korea postpones announcement of housing supply plan due to downpours

This photo, taken on Monday, shows a submerged parking lot of an apartment complex in the southern district of Gangnam due to heavy rain. (Yonhap)

The government postponed its planned announcement of housing supply measures on Tuesday in a bid to focus on responding to damage from heavy overnight showers.

The government had planned to announce details of its plan on Tuesday to supply more than 2.5 million homes as part of efforts to stabilize house prices. It would be the first set of housing supply measures under the Yoon Suk-yeol administration which took office in May.

“To respond to the downpours, the government has decided to postpone the announcement scheduled for Tuesday,” the lands ministry said in a message to reporters.

The heaviest rainfall in 80 years has battered Seoul and surrounding areas, leaving seven dead and six missing, as well as flooding homes and subway stations.

The finance ministry also canceled a planned meeting of ministers on housing policy.

Finance Minister Choo Kyung-ho was due to chair the meeting at 8 a.m. ahead of the government’s announcement of the housing supply plan. The government has not yet decided when to announce the plan. (Yonhap)