SEOUL, Nov. 15 (UPI) -- South Korea's finance minister apologized Wednesday for the failure of the government's real estate policy.
In a press conference, Minister of Finance and Economy Kwon O-kyu unveiled another set of measures to cool down the real estate market.
"I would like to take this opportunity to apologize to the public and the people who do not own houses for the recent surge in housing prices," Kwon told the nationally televised news conference also joined by economy-related ministers. Kwon is in charge of the country's economic policy as deputy prime minister.
Under the new package, the government would toughen rules on home-backed lending and build more homes. "The government will focus policy capabilities on supplying quality homes at cheap prices, in large quantity and at a speedy pace," Kwon said.
He expressed confidence the new measures would cool down the hot real estate market, saying: "It is highly risky to buy a new home at present using borrowed money."
The government has been under fire for the failure of curbing skyrocketing house prices, which caused concerns about the possible bursting of a real estate bubble. On Tuesday, Construction Minister Chu Byung-jik and two presidential officials in charge offered to resign.